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Under Armour, Inc. (symbol: UAA) is a prominent designer, marketer, and distributor of performance apparel, footwear, and accessories. Headquartered in Baltimore, Maryland, the company was founded in 1996 by Kevin Plank, a former University of Maryland football player. Under Armour revolutionized athletic wear with its innovative moisture-wicking technology, starting with a superior t-shirt aimed at keeping athletes cool, dry, and light.
The company's product lineup is extensive, catering to men, women, and youth. Their offerings are categorized under three main brands: HeatGear® for hot conditions, ColdGear® for cold conditions, and AllSeasonGear® for in-between weather. This diverse product range is designed to enhance athletic performance by regulating body temperature and improving comfort.
Under Armour operates globally, with a significant presence in North America, Asia-Pacific, and Europe. They serve a broad market that includes professional and amateur athletes, sponsored college and professional teams, as well as individuals with active lifestyles. The company utilizes multiple sales channels, including direct-to-consumer models through e-commerce and over 400 combined factory and brand house stores, along with wholesale distribution.
One of Under Armour's key digital assets is the MapMyFitness app, which allows users to track their fitness activities and goals. This move highlights the company's commitment to integrating technology and fitness, providing comprehensive solutions for athletes.
In recent business updates, Under Armour reported unaudited financial results for the second quarter of fiscal 2024, noting profitability that exceeded expectations despite lowered revenue forecasts for North America. The company also completed a significant share buyback program, repurchasing $475 million worth of Class C common stock as of September 30, 2023. Additionally, Under Armour signed a multi-year NIL partnership with University of South Carolina guard MiLaysia Fulwiley and announced a multi-year partnership with USA Football through the 2028 Summer Olympics.
Under Armour's mission is to make all athletes better through passion, design, and relentless innovation. The company's strategic priorities focus on maintaining a balanced approach to profitability while investing in talent, systems, and processes aimed at long-term growth. Recent financial reports highlighted disciplined expense control and a strong balance sheet despite a challenging retail environment.
The University of Maryland and Under Armour have announced a 12-year extension of their partnership, continuing their collaboration through 2036. This renewal underscores their commitment to supporting student-athletes both on and off the field.
Under Armour, founded by Maryland alum Kevin Plank, has been the exclusive outfitter for Maryland's varsity teams since 2009. Since then, Maryland has won 19 National Championships and 49 Big Ten conference championships. The new agreement also expands Under Armour's support to club and intramural teams within the University's Department of Recreation and Wellness.
The partnership will also feature a new NIL Brand Ambassador Program, allowing student-athletes to earn compensation for promoting Under Armour products on social media. The collaboration will include marketing efforts and grassroots activations, aiming to enhance the student-athlete experience with innovative products.
USA Football and Under Armour have entered into a multi-year partnership through the 2028 Summer Olympics. Under Armour will serve as the Official and Exclusive Uniform, Apparel, and Footwear Partner of USA Football, including U.S. National Teams. This partnership aims to grow football participation by providing innovative gear and support from youth levels to the Olympics. Under Armour will outfit the first Olympic flag football team, marking the sport's debut in the 2028 Games. The collaboration will also support USA Football's growth initiatives and high-performance pathways for athletes and coaches. The partnership began with the recent training camp for the U.S. Men's and Women's Flag National Teams preparing for the IFAF's Flag Football World Championships.
Under Armour (NYSE: UA) reported its unaudited Q4 and full-year fiscal 2024 results, showing a 5% revenue drop to $1.3 billion for Q4, and a 3% decline to $5.7 billion for the full year. North America revenue fell 10% in Q4, while international revenue rose 7%. Gross margin increased 170 basis points to 45% in Q4, driven by lower product and freight costs. Net income for Q4 was $7 million, with adjusted net income at $49 million. For full-year fiscal 2024, net income was $232 million, with adjusted net income at $245 million. Under Armour announced a $500 million share repurchase program and a fiscal 2025 restructuring plan, anticipating a low-double-digit percentage revenue decline. This includes a 15-17% drop in North America and a low-single-digit decrease in international revenue, with expected operating income of $50 to $70 million.
Under Armour, Inc. (NYSE: UA, UAA) is set to announce its fourth quarter and full-year fiscal 2024 results on May 16, 2024. The conference call will be held at 8:30 a.m. ET following a news release at 6:55 a.m. ET. Under Armour is a leading company in athletic performance apparel, footwear, and accessories, aiming to enhance human performance through innovative products.
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