World Footwear


Under Armour raises full-year guidance

Nov 5, 2021 United States
Under Armour raises full-year guidance
The Baltimore-based sportswear giant has reported unaudited financial results for the third quarter of 2021. Revenue increased by 8%, reaching 1.5 billion US dollars
"Our third-quarter results were driven by strong demand for the Under Armour brand and our ability to execute quickly to meet the needs of our consumers and customers. With industry-leading innovations, increased marketing efforts to deepen our connection with Focused Performers, and consistent operational discipline – we're building greater brand affinity and are on track to deliver record revenue and earnings results in 2021”, commented Under Armour President and CEO Patrik Frisk.

Third Quarter Results

In the third quarter of 2021, which ended on the 30th of September, the company’s revenue grew by 8% to 1.5 billion US dollars (up by 6% currency neutral), as compared to the same period last year.

On a comparable basis to the third quarter of 2020, wholesale revenue increased by 10%, totalling 911 million US dollars. Direct-to-consumer revenue was up by 12%, amounting to 604 million US dollars, led by a strong performance in owned and operated stores, offset by a 4% decrease in e-commerce, representing 33% of the total direct-to-consumer business.

In the third quarter of the current fiscal year, North America revenue grew by 8%, reaching 1.0 billion US dollars and international revenue increased by 18%, totalling 510 million US dollars (up by 13% currency neutral), as compared to the same period last year. Within the international business, revenue grew in all other regions:  by 19% in the Asia Pacific (up by 13% currency neutral), by 15% in EMEA* (up by 13% currency neutral), and by 27% in Latin America (up by 20% currency neutral).

By category, apparel revenue increased by 14% to 1.1 billion US dollars, and footwear revenue by 10% to 330 million US dollars. Accessories revenue decreased by 13% to 126 million US dollars.

Gross margin rose 310 basis points to 51.0% in the third quarter of 2021, driven by benefits from pricing and channel mix, balanced by the absence of MyFitnessPal and supply chain disruption.

Under Armour reported net income of 113 million US dollars, and an adjusted net income of 145 million US dollars. Diluted earnings per share corresponded to 0.24 US dollars, and adjusted diluted earnings per share to 0.31 dollars.

Full-Year Outlook

Under Armour now expects revenue growth of approximately 25%, as compared to the previous expectation of a low twenties percentage increase, reflecting a high twenties’ percentage growth rate in North America and mid-thirties’ percentage growth rate in the international business.

* EMEA: Europe, Middle East, and Africa

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