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Good quarter at Under Armour elevates outlook

May 6, 2019 United States
Good quarter at Under Armour elevates outlook
The Baltimore-based sportwear giant reported first quarter results with revenue up by 2% (3% in currency neutral). Good performance in the quarter resulted in updated 2019 full year outlook
"Our first quarter results demonstrate our unwavering commitment to protecting and growing our premium performance athletic brand through a disciplined go-to-market process that delivers innovative products and experiences to make athletes better", commented Under Armour Chairman and CEO Kevin Plank, adding: "As we execute against our long-term plan, Under Armour will emerge from 2019 and our 'Protect This House' chapter as an even stronger brand and company."

First Quarter 2019

In the first quarter of the current financial year, Under Armour revenue was up by 2% to 1.2 billion US dollars (up by 3% currency neutral). Wholesale revenue increased by 5% reaching 818 million US dollars and direct-to-consumer revenue was down by 6% to 331 million US dollars, representing 27% of total revenue.

North America revenue decreased by 3% to 843 million US dollars and the international business increased by 12% to 328 million US dollars (up by 17% currency neutral), representing 27% of total revenue. Within the international business, revenue was up by 3% in EMEA (up by 9% currency neutral), up by 25% in Asia-Pacific (up by 30% currency neutral), and up by 6% in Latin America (up by 10% currency neutral).

Apparel revenue increased by 1% to 775 million US dollars. Footwear revenue increased by 8% to 293 million US dollars primarily driven by strength in our run category. Accessories revenue decreased by 11% to 82 million US dollars primarily driven by planned lower sales of backpacks and bags related to a strategic relaunch of key product.
  
Net income totalled 22 million US dollars or 0.05 US dollars earnings per share.

Fiscal 2019 Outlook

Revenue is expected to be up approximately 3% to 4% reflecting relatively flat results for North America and a low double-digit percentage rate increase in the international business. Earnings per share is now expected to be 0.33 US dollars to 0.34 US dollars versus the previously expected range of 0.31 US dollars to 0.33 US dollars.

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