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.