World Footwear

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Under Armour with net revenue growth of 25%

Apr 23, 2015 United States
 Under Armour with net revenue growth of 25%
This represented the 20th straight quarter with net revenue growth above 20%. The company reviewed its net revenue outlook for 2015 raising it to approximately 3.78 billion US dollars
The Baltimore-based company announced first quarter net revenue increasing by 25% in to reach 805 million US dollars (642 million US dollars in similar period last year). On a currency neutral basis, net revenue increased 27% compared with the prior year's period.

Under Armour's net income decreased 13% in the first quarter of 2015 to 12 million US dollars (14 million US dollars in the prior year's period, inclusive of costs related to the previously announced acquisitions of Endomondo and MyFitnessPal during the first quarter).

First quarter apparel net revenues increased 21% to 555 million US dollars compared with 459 million US dollars in the same period of the prior year, driven primarily by new product introductions in baselayer and training. First quarter footwear net revenues increased 41% to 161 million US dollars (114 million dollars in similar period in 2014), highlighted by expanded SpeedForm running offerings as well as the introduction of the Curry One basketball shoe. First quarter accessories net revenue increased 23% to 63 million US dollars from 52 million US dollars in the prior year's period.

Direct-to-Consumer net revenue, which represented 25% of total net revenue for the first quarter, grew 21% year-over-year. International net revenue, which represented 12% of total net revenue for the first quarter, grew 74% year-over-year.

Kevin Plank, Chairman and CEO of Under Armour, Inc., stated: "We reached an important milestone to start 2015 with our 20th straight quarter above 20% net revenue growth. This represents five years of consistently exceeding the demands of our athletes and just as importantly, anticipating what those demands will be next. While the 25% growth achieved in the first quarter was a great start to the year, we are even more excited with the foundation we are establishing for future growth. Within our Connected Fitness platform, we closed our two acquisitions of Endomondo and MyFitnessPal to create the world's largest digital health and fitness community. We have already added over 10 million unique registered users to our platform since our initial February announcement, bringing the total Connected Fitness community to over 130 million unique registered users. We opened a 30,000 square foot Brand House store on the Magnificent Mile in Chicago, while also debuting our first stores in Brazil and the Middle East which contributed to the 74% international growth for the quarter. We experienced tremendous demand for our new SpeedForm Gemini running shoe and the Curry One basketball shoe with even bigger things to come in these categories. And in our largest product category, Apparel, we crossed 20% growth for the 22nd consecutive quarter. These are powerful engines that will help ensure the Brand remains firmly entrenched as the leading growth company in our industry."

The company had previously anticipated 2015 net revenues of approximately 3.76 billion US dollars, representing growth of 22% over 2014. Bearing in mind the most recent results the company raised its 2015 net revenue outlook to approximately 3.78 billion US dollars (+23%).

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