Under Armour said its footwear revenue grew 36% in the quarter. But NPD Group, which tracks retail data and is a leading source of sneaker industry research, says Under Armour footwear sales declined 20% in the quarter. How do you reconcile those two numbers?The answer involves the difference between wholesale and retail. Under Armours number combines bothwhat Under Armour sold to retailersin bulk, and what actually sold to consumersat its own retailstores. NPD Group, which focuses on retail, is only measuring what gets sold at stores, one pair at a time. And thats the more telling number.

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