US: Under Armour Q2 profit soars on revenue surge
- Q2 sales up 24% to US$204.8m
- Net profit up 150% to $3.5m
- Raises FY sales and earnings guidance
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.
Click here for further analysis on just-style.
Performance apparel maker Under Armour has hired Mark Dowley as executive vice president, global brand and president of international, completing what it describes as "an extensive search" to fill a t...
Sportswear specialist Under Armour raised its full-year sales and earnings outlook after posting a 33% third quarter profit rise and 22% sales surge....
- Why do modern robotics elude sportswear makers?
- Traditional financing is a misfit for fast fashion
- Bagir CEO says suit-maker is back on track
- Mexico makers bullish on Trump's proposed tariffs
- How would end of NAFTA affect US apparel industry?
- Bagir exports first trousers for H&M from Ethiopia
- US Q3 in brief - G-III Apparel, Express
- Fruit of the Loom CEO Medlin dies suddenly
- Crystal expands empowerment project to male staff
- Film documents Cambodia garment workers' stories
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016
- Footwear Top 5 Emerging Markets Industry Guide_2016
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack