Fast-growing sportswear company Under Armour could break the US$1bn barrier in full-year revenues after its second quarter profit soared by 150% to $3.5m.
Net revenues surged 24% to $204.8m in the three months to 30 June, led by an increase in apparel sales of 34% to $150.2m.
Under Armour pointed to strong growth in men’s and women’s wear, plus a 60% rise in direct-to-consumer revenues driven by new Factory House store growth, strong comparable store sales and sustained strength in its web business.
However, footwear revenues were down 4.5% to $35.8m, a decline which the company had predicted.
Under Armour chairman and CEO Kevin Plank said the company had become the “dominant player” in men’s performance apparel, and was achieving a higher profile among female athletes as well.
He added: “As a growth company, our success is not only defined by the results we achieve today, but how we position the Under Armour brand for sustainable long-term growth.”
Under Armour raised its full-year guidance, predicting revenues of $990m-1.01bn, and earnings per diluted share of $1.11-1.13.
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