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Under Armour lifts outlook

Aug 6, 2021 United States
Under Armour lifts outlook
The Baltimore-based sportswear giant has reported unaudited financial results for the second quarter ended on the 30th of June 2021. Revenue was up by 91% to 1.4 billion US dollars. Under Armour has updated its outlook for the fiscal year
"We are very pleased with Under Armour's better than expected second-quarter results, which reflect solid progress compared to both 2020 and 2019. Given the continued momentum, we're raising our full-year outlook, which puts us on track to achieving a solid performance in 2021. With the critical mass of our transformation behind us and the continued improvements across product, marketing, and our financial results, I believe this year sets a robust foundation that positions us well for our next chapter of profitable growth. At the halfway point of our fiscal year, I'm confident in our ability to execute our strategy by putting Focused Performers at the centre of everything we do and increasing our capacity to drive consistent, profitable growth for our shareholders over the long-term", commented Under Armour President and CEO Patrik Frisk. 

Second Quarter Review

Revenue was up by 91% to 1.4 billion US dollars (up by 85% currency neutral) compared to the prior year.

Wholesale revenue increased by 157% to 768 million and direct-to-consumer revenue increased by 52% to 561 million US dollars, driven by strong growth in owned and operated stores offset by an 18% decline in ecommerce which represented 39% of the total direct-to-consumer business.

North America revenue grew by 101% to 905 million US dollars and international revenue increased by 100% to 446 million US dollars (up by 84% currency neutral). Within the international business, revenue was up by 133% in EMEA (up by 116% currency neutral), increased by 56% in Asia-Pacific (up by 43% currency neutral), and increased by 317% in Latin America (up by 284% currency neutral).

Apparel revenue increased by 105% to 874 million US dollars. Footwear revenue grew by 85%to 343 million US dollars. Accessories revenue increased by 99% to $112 million US dollars.

Net income was 59 million US dollars. Adjusted net income was 110 million US dollars.

Outlook

Revenue is expected to be up at a low twenties percentage rate compared to the previous expectation of a high-teens percentage rate increase, reflecting a low twenties percentage growth rate in North America and a mid-thirties percentage growth rate in the international business.

Image credits: www.teenvogue.com

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