Under Armour is betting big on this weekend’s launch of its Performance Training footwear.

The Baltimore-based sports apparel firm will begin selling three types of cross-training shoes for men and two types for women, ranging from $80 to $100, in stores Saturday. Under Armour jumps into the cross-trainer arena, challenging athletic shoe giants like Nike, Adidas and New Balance.

“Stop training in running shoes!” Under Armour Chairman and Chief Executive Officer Kevin Plank said Tuesday during a conference call. “You can probably tell how excited I am for this launch.”

Though Plank said footwear is the company’s “largest future growth engine,” Under Armour has paid a price in hyping the shoe debut. The company on Tuesday said first-quarter income shrank 71 percent on higher costs, including significant marketing expenses.

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First-quarter net income was $2.9 million, down from $9.9 million in the first quarter of 2007 and $16.9 million in the fourth quarter. Marketing expenses in the first quarter were 17.8 percent of revenues, compared with 11.1 percent in the same period last year.

Under Armour’s share price fell on the news Tuesday, dropping 10.3 percent, or $3.96, to close at $34.62.

But despite a challenging retail environment, Under Armour’s net revenues increased 27 percent in the first quarter to $157.3 million, up from $124.3 million in the same period last year. Apparel revenues increased 25 percent, with women’s clothing sales up 36 percent.

“The Under Armour brand continues to connect even in the face of a difficult economic environment,” Under Armour Chief Operating Officer Wayne Marino said. “Consumers are still trading up to performance products and selecting our brand.”

The company plans to open nine new retail outlet stores this year, up from the five it had previously forecast, Marino said. Under Armour will also sell more excess seasonal items at lower prices to reduce inventory.

Under Armour expects to sell 1 million pairs of cross-trainers in 2008. The company has received online orders since the beginning of February, when a promotional campaign began with a commercial during the Super Bowl.

The company said it plans to launch more footwear products later this year and in 2009, with Plank saying running and basketball shoes are future “possibilities.”

“They’re out there, but it’s a matter of our brand being ready and our products being ready,” he added.

acannarsa@baltimoreexaminer.com