Under Armour sports shoes on display.
Under Armour said Wednesday it is forging ahead with its turnaround strategy to pull its sneakers and sweat-wicking tops out of struggling middlemen and instead pour investments into its own stores and website.
Investors rallied behind management’s remarks about the future, with Under Armour shares soaring more than 8% in afternoon trading, and touching a 52-week high of $23.23 at one point. Earlier Wednesday, the company reported fourth-quarter earnings and sales that not only topped Wall Street expectations but showed an unexpected profit.
Under Armour revealed plans late last year to break with some retailers, primarily in North America,…