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Tuesday, April 16, 2024
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Under Armour Raises Outlook As Revenue Jumps 91%

man_holding_football
Under Armour/Design: Alex Brooks

Under Armour released its second-quarter earnings Tuesday. Revenue totaled $1.4 billion, up 91% year-over-year. North American sales rose 101% year-over-year.

The athletic apparel maker credits strong growth in owned-and-operated stores for the boost.

  • Apparel revenue reached $874 million, a 105% increase.
  • Footwear revenue hit $343 million, an 85% increase.
  • Accessories revenue landed at $112 million, a 99% increase

Despite an 18% decline in ecommerce, the company raised its full-year 2021 outlook, expecting revenue to now climb at a “low-20s percentage rate” instead of a “high-teens percentage rate increase.”

Under Armour’s comeback — which includes a minimum wage increase to $15 — follows a significant restructuring plan that was implemented during the pandemic.

  • February 2021: Ended its on-field licensing contract with the NFL.
  • December 2020: Agreed to a buyout deal with the University of Cincinnati that got the brand out of a 10-year, $50 million contract five years early; terminated its 15-year, $280 million contract with UCLA.
  • October 2020: Sold the MyFitnessPal platform for $345 million.

After the Q2 spike, operating income is now expected to reach $215-$225 million in 2021 compared to the prior range of $105-115 million. Under Armour has a market cap of $9.65 billion.

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