Instinet dives into Under Armour's 10-Q

|By:, SA News Editor

A dive into Under Armour's (UA, UA) 10-Q by Instinet raises a question of potential concern on the level of sales from Dick's Sporting Goods (DKS -0.2%).

Instinet notes that Under Armour reported that no cusomer accounted for more than 10% of revenue.

"Had DKS represented 9.9% (just under the threshold), sales would have declined ~4%, with DKS’-related [days sales outstanding, or DSOs] likely continuing to grow," observes analyst Simeon Siegel.

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