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Under Armour with net revenue growth of 32%

Feb 10, 2015 United States
Under Armour with net revenue growth of 32%
The US-based sportswear company revealed quarter four and full year results. Growth continues to distinguish the brands’ performance
Net revenue for the fourth quarter amounted to 895 million US dollars, increasing by 31% compared with net revenue of 683 million US dollars in similar period last year. Net income increased 37% to reach 88 million US dollars.

Fourth quarter apparel net revenue was up by 30% and reached 708 million US dollars, driven primarily by new offerings across training, hunting, and studio, including expanded platform innovations in ColdGear Infrared, Storm, and Charged Cotton. Fourth quarter footwear net revenue was strong, going up by 55% and reaching 86 million US dollars. To this performance much contributed the expanded offerings in running and basketball. Fourth quarter accessories net revenues increased 22% and totaled 79 million US dollars.

International net revenue, representing 9% of total net revenue for the fourth quarter, grew 123% year-over-year.

For the full year 2014, net revenue increased 32% to 3.08 billion US dollars compared with 2.33 billion US dollars in the prior year and compared with the company's prior outlook of 3.03 billion US dollars.

Apparel net revenue increased 30% to 2.29 billion US dollars compared with 1.76 billion US dollars in the prior year, driven mainly by training, outdoor, golf, and studio. Footwear net revenue was up by 44% to 431 million US dollars during 2014 compared to 299 million US dollars in 2013, reflecting expanded offerings in running and basketball. Accessories net revenues increased by 27% to 275 million US dollars during 2014 compared to 216 million US dollars in 2013.



International net revenue, accounting for 9% of total net revenue in 2014 (growing from a 6% in total net revenues in 2013) experienced a very growth, with a year-over-year rate of 96%.

Kevin Plank, Chairman and CEO of Under Armour, Inc., commented: "We are incredibly proud of recording our 19th consecutive quarter of over 20% net revenue growth, including achieving over 30% growth in each quarter of 2014 (…) we nearly doubled our International revenues with acceleration in both Europe and China as well as new market strategies in South America, Southeast Asia, and the Middle East. Our Footwear business grew 44% as we solidified and took market share in our core on-field businesses”.

Based on current results, the company now expects 2015 net revenue of approximately 3.76 billion US dollars, up by 22% over 2014.

The company recently announced the acquisition of two fitness apps, following previous investment in the purchase of MapMyFitness in December 2013. Since the acquisition, Under Armour have grown the user base from 20 million registered users to 31 million registered users and “gained further insight and validation into the power of the data generated by this community”. With the new acquisitions, the company now combines a community of 120 million unique registered users, which will result in unparalleled data and insight about athletes.

Mr. Plank commented: “By combining three of the best teams in the world of Connected Fitness, we are now extremely well-positioned to create an unrivaled experience for our consumer and a multitude of new opportunities to drive our core business."

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