World Footwear

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Under Armour updates 2019 full year outlook

Jul 31, 2019 United States
Under Armour updates 2019 full year outlook
The Baltimore-based sportswear brand has announced financial results for its second quarter with a 1% rise in sales to 1.2 billion US dollars. Footwear represents roughly a quarter of total revenue
"Our second quarter results give us increasing conviction that our transformation continues to make solid progress across our business, unlocking efficiencies that are driving greater precision, consistency and repeatability", stated Under Armour Chairman and CEO Kevin Plank, adding: "By staying sharply focused on our long-term strategies – driving our premium athletic brand positioning through industry leading innovation, geographic expansion and creating deep connections with our consumers – we are on track to deliver against our expectations in 2019".

Second Quarter Review

In the period, revenue was up by 1% totalling 1.2 billion US dollars (up by 3% currency neutral). Wholesale revenue decreased by 1% to 707 million US dollars and direct-to-consumer revenue was up by 2% to 423 million US dollars, representing 35% of total revenue. North America revenue decreased by 3% to 816 million US dollars and the international business increased by 12% to 339 million US dollars (up by 17% currency neutral) representing 28% of total revenue. Within the international business, revenue was up by 6% in EMEA (up by 11% currency neutral), up by 23% in Asia-Pacific (up by 29% currency neutral) and down by 3% in Latin America (up by 2% currency neutral).

Apparel revenue decreased by 1% reaching 740 million US dollars; footwear revenue increased by 5% to 284 million US dollars; and accessories revenue was unchanged at 106 million US dollars.

Net loss in the period was 17 million US dollars or 0.04 US dollars loss per share, inclusive of a negative 0.01 US dollars impact from the company's minority interest in its Japanese licensee.


Fiscal 2019 Outlook

Revenue is expected to be up approximately 3% to 4% reflecting a slight decline in North America and a low to mid-teen percentage rate increase in the international business. Earnings per share is expected to be 0.33 US dollars to 0.34 US dollars inclusive of a negative impact from the company's minority interest in its Japanese licensee.

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