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Under Armour, Inc. (symbol: UA) is an American sports equipment company renowned for manufacturing high-quality footwear, sports, and casual apparel. Founded in 1996 and headquartered in Baltimore, Maryland, Under Armour develops, markets, and distributes athletic apparel, footwear, and accessories across North America, Asia-Pacific, Europe, and other regions. It serves a diverse range of consumers, including professional and amateur athletes, sponsored college and professional teams, and individuals leading active lifestyles.
Under Armour's products are available through various channels, including wholesale channels such as national and regional sporting goods chains, independent and specialty retailers, department store chains, and mono-branded Under Armour retail stores. Additionally, the company operates direct-to-consumer sales through e-commerce platforms and more than 400 combined factory house and brand house stores. Under Armour also runs a digital fitness app, MapMyFitness, enhancing its digital presence and consumer engagement.
The company's innovative product line focuses on performance-driven clothing and shoes designed to empower athletes. Under Armour's recent achievements include signing Sacramento Kings Point Guard De'Aaron Fox as the first signature athlete with Curry Brand, alongside Stephen Curry. This partnership aims to expand Curry Brand's influence in the basketball space and beyond, promoting innovative footwear and apparel. Additionally, Under Armour has reported robust financial performance in its recent fiscal quarters, including significant stock buybacks to enhance shareholder value.
Under Armour's commitment to innovation, high-performance products, and strategic partnerships solidifies its position as a leading brand in the sportswear industry. The company's dedication to empowering athletes and fostering community engagement through initiatives like UA Next programs and Curry Camp reinforces its mission to make a positive impact on and off the field.
Under Armour reported mixed financial results for Q4 and the fiscal year 2020, with revenues down 3% to $1.4 billion in Q4 and 15% to $4.5 billion for the year. Despite a 12% decline in wholesale revenue, direct-to-consumer sales rose 11%, highlighting strong eCommerce demand. Notably, a gain of $182 million from the sale of MyFitnessPal contributed significantly to net income of $184 million. Under Armour anticipates a high-single-digit revenue increase in 2021, albeit with ongoing COVID-19 uncertainties.
Under Armour, Inc. (NYSE: UA, UAA) is set to release its fourth quarter and full year results for the period ending December 31, 2020, on February 10, 2021, at 6:55 a.m. EST. Following the announcement, management will host a conference call at approximately 8:30 a.m. EST to discuss the results. The call will be available via webcast and later for replay. Under Armour focuses on creating branded athletic performance apparel, footwear, and accessories aimed at enhancing athletic performance.
Under Armour completed the sale of its MyFitnessPal platform to Francisco Partners for $345 million, finalizing an agreement first announced on October 30, 2020. The transaction includes potential earn-out payments and was financed through MidCap Financial. This strategic move reflects Under Armour's focus on enhancing its core business in branded athletic performance apparel, footwear, and accessories. The company aims to empower human performance through innovative products.
Under Armour, in collaboration with NBA star Stephen Curry, has launched the Curry Brand, aimed at providing equitable access to sports for young people. The initiative targets youth in under-resourced communities, with plans to support over 100,000 young athletes by 2025. The Curry Brand will offer footwear, apparel, and accessories, with the performance basketball line debuting on December 11. This partnership emphasizes social responsibility, striving to close the gap between talent and opportunity in youth sports.
Under Armour (NYSE: UA, UAA) reported its third-quarter financial results for 2020, with revenue flat at $1.4 billion. Direct-to-consumer sales rose 17% to $540 million, while wholesale revenue fell 7% to $830 million. Despite a 5% drop in North America, international revenue grew 18%. Operating income stood at $59 million, with a net income of $39 million. The company anticipates a high-teen percentage revenue decline for the full year, primarily due to COVID-19 impacts, along with a projected operating loss of $800 million to $860 million.
Under Armour, Inc. (NYSE: UA, UAA) announced a definitive agreement to sell its MyFitnessPal platform to Francisco Partners for $345 million. This move is part of Under Armour's transformation strategy, allowing for better alignment with its digital strategy and investment flexibility to enhance shareholder value. The transaction is expected to close in Q4 2020, pending regulatory approvals. Alongside this sale, Under Armour will discontinue its Endomondo platform at the end of 2020, while continuing its focus on the MapMyFitness platform.
Under Armour plans to release its third-quarter earnings results for the period ending September 30, 2020, on October 30, 2020, at 6:55 a.m. EDT. Following the release, management will conduct a conference call at approximately 8:30 a.m. EDT to discuss the results. The call will be available for live webcast and replay through Under Armour's investor relations website. Under Armour is known for its innovative athletic performance apparel, footwear, and accessories.
Under Armour, Inc. (NYSE: UA, UAA) will close all U.S. retail locations for Thanksgiving on November 26, 2020, reopening on November 27. This decision supports over 6,000 retail employees, allowing them to celebrate the holiday. CEO Patrik Frisk emphasized the unpredictability of the year and the importance of recognizing team achievements. Under Armour aims to prioritize employee well-being while maintaining customer service throughout the holiday season.
Under Armour, Inc. has appointed Wes Moore, CEO of the Robin Hood Foundation, to its Board of Directors, effective October 1, 2020. Moore brings significant philanthropic experience, having distributed over $3 billion to combat poverty and promote racial justice. His leadership is expected to enhance Under Armour's community engagement and drive brand growth. Kevin Plank, Executive Chairman, expressed excitement over Moore's strategic insights, linking his background to the company’s mission of integrating purpose into business.
Under Armour reported its second-quarter financial results on July 31, 2020, revealing a 41% revenue decline to $708 million due to COVID-19 disruptions. Wholesale revenue fell 58% to $299 million, while direct-to-consumer revenue decreased 13% to $368 million. North America saw a 45% revenue drop. Despite a 280 basis point improvement in gross margin to 49.3%, the company posted a net loss of $183 million. Under Armour ended the quarter with $1.1 billion in cash and cash equivalents, though it remains cautious about ongoing market uncertainties.
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