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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.
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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