Under Armour revenue up by 9%
“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 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.