World Footwear

Companies

Under Armour revenue up by 9%

Aug 9, 2017 / United States
Under Armour revenue up by 9%
The US-based company continues to grow. Revenue increased by 9% in the second quarter of the current financial year, with footwear revenue declining by 2% in the same period
"Our second quarter performance validates the strength of our multiple growth levers to deliver solid results in today's dynamic global environment”, stated Under Armour Chairman and CEO Kevin Plank, adding: "More than doubling our business over the last three years has required significant investments and resources to build our brand. We are utilizing 2017 to ensure that operations across our diverse portfolio of sport categories, distribution channels and geographies are optimized as we are building a stronger, faster and smarter company."

In the second quarter, revenue was up by 9% totaling 1.1 billion US dollars, up by 8% currency neutral. Revenue to wholesale customers rose by 3% and reached 655 million US dollars and direct-to-consumer revenue was up by 20 percent to 386 million US dollars.

A dynamic and promotional retail environment in North America continued to temper results with revenue in line with last year's same period. Outside North America, the strong momentum continued with international revenue up by 57% (up by 54% currency neutral), representing 22% of total revenue. Revenue increased across the board within the international business: +57% in EMEA (+53% currency neutral), +89% in Asia-Pacific (+87% currency neutral) and +10% in Latin America (+9% currency neutral).

Apparel revenue increased by 11% to 681 million US dollars reflecting strength in men's and women's training, and golf. Footwear revenue was down by 2% to 237 million US dollars, against last year's same period which was up by 58%. Accessories revenue increased by 22% to 123 million US dollars with strength in men's and women's training, and youth performance. 


Under Armour's Board of Directors has approved a restructuring plan to more closely align its financial resources to support the company's efforts to better serve the evolving needs of the changing consumer and customer landscape: "We've identified a number of areas to enhance our operational capabilities, drive process improvement and gain greater efficiencies. We remain steadfast in driving and building our brand while shifting our operational focus to become more return-on-investment and cost of capital centric - institutionalizing discipline to deliver more consistent, long-term shareholder value", Plank concluded.

Under Armour now expects net revenue to grow 9% to 11% versus the previous expectation of 11% to 12 % growth, reflecting moderation in the company's North American business.

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