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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, Inc. reported third-quarter fiscal 2023 results, highlighting a 3% revenue increase to $1.6 billion (7% currency neutral). Wholesale revenue rose 7% to $820 million, while direct-to-consumer fell 1% to $715 million. North America revenue decreased by 2% to $1 billion, but international revenue surged by 14% to $527 million. Gross margin declined by 650 basis points to 44.2%. Net income was $122 million, with diluted EPS at $0.27. The company continues a share repurchase program, having bought back 35 million shares for $425 million. The fiscal 2023 outlook remains stable with expected diluted EPS between $0.71 and $0.75.
Under Armour (NYSE: UA, UAA) announces the appointment of Carolyn Everson and Patrick Whitesell to its Board of Directors, effective February 1, 2023. Harvey Sanders, a long-standing board member, is set to retire on March 31, 2023. Everson brings extensive experience from roles at Instacart and Meta Platforms, while Whitesell has a background in sports and entertainment as Executive Chairman of Endeavor Group Holdings. Under Armour's Executive Chair, Kevin Plank, expressed optimism about these additions, highlighting their potential to enhance the company’s global brand and digital growth.
Under Armour, Inc. (NYSE: UA, UAA) is set to release its third quarter fiscal 2023 results on February 8, 2023, at 6:55 a.m. ET. The report will cover the period ending December 31, 2022. Following the release, a conference call will be hosted by Under Armour management at approximately 8:30 a.m. ET to discuss the earnings results. Investors can access the live webcast and archived information via the company's financial page.
Under Armour, headquartered in Baltimore, Maryland, specializes in branded athletic performance apparel, footwear, and accessories, designed to enhance human performance.
Under Armour announced the appointment of Stephanie Linnartz as President and CEO, effective February 27, 2023. Previously the president of Marriott International, Linnartz is recognized for her strategic leadership in digital transformation and brand growth. Under Armour's Executive Chair, Kevin Plank, expressed confidence in her ability to enhance the company's market opportunities. Following her appointment, Colin Browne, the interim CEO since June 2022, will transition back to his role as COO, continuing to support the leadership team.
Under Armour (NYSE: UA, UAA) announced that Wes Moore has resigned from its Board of Directors, effective immediately, due to his election as governor of Maryland. Kevin Plank, Executive Chair, expressed gratitude for Moore's leadership and contributions since joining the board in October 2020. Moore was also a member of the Corporate Governance and Sustainability Committee. His departure marks a notable change in Under Armour's leadership structure, prompting questions about potential impacts on the company's strategic direction.
Under Armour reported unaudited financial results for Q2 FY2023, with revenue reaching $1.6 billion, up 2% year-over-year. Wholesale revenue rose 4% to $948 million, while direct-to-consumer revenue fell 4% to $577 million. Net income was $87 million, and diluted EPS stood at $0.19. The company expects revenue growth to be revised to a low single-digit percentage due to a challenging retail environment, with adjusted EPS projected to be $0.44 to $0.48.
Under Armour, Inc. (NYSE: UA, UAA) will release its second quarter fiscal 2023 results on Nov. 3, 2022, at 6:55 a.m. ET. The earnings report will cover the quarter ending September 30, 2022. Following the release, management will host a conference call at approximately 8:30 a.m. ET to discuss the results. This event will be available via live webcast and later archived on their investor relations page.
Under Armour, Inc. (NYSE: UA, UAA) announced significant changes in its executive leadership team effective October 24, 2022. David Baxter will take on the role of President of the Americas, succeeding Stephanie Pugliese, who is stepping down but will assist in the transition until early 2023. Additionally, Mehri Shadman has been appointed Chief Legal Officer, succeeding John Stanton, who will retire after 16 years with the company. Both new appointees bring extensive experience, with Baxter previously leading LIDS Sports Group and Shadman serving as Deputy General Counsel at Under Armour.
Under Armour reported its fiscal Q1 2023 results, showing flat revenue of $1.3 billion but a 2% increase on a currency-neutral basis. Wholesale revenue rose 3% to $792 million, while direct-to-consumer sales fell 7% to $521 million. Gross margin declined to 46.7%, down 280 basis points due to high freight costs and promotions. The updated outlook for fiscal 2023 maintains a revenue growth forecast of 5-7%, but gross margin is projected to decrease more than previously expected. EPS guidance is lowered to $0.61–$0.67, with adjusted EPS at $0.47–$0.53.
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