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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 reported a strong first quarter for 2021, with revenue rising 35% to $1.3 billion. Key figures include a 32% increase in North America and a significant 58% growth internationally. Direct-to-consumer revenue surged 54%, driven by a 69% boost in eCommerce sales. The company's gross margin improved by 370 basis points to 50%. Adjusted operating income is projected to reach between $230 million and $240 million. Despite a solid performance, potential impacts from COVID-19 remain a concern.
Under Armour, Inc. (NYSE: UAA) announced a settlement with the SEC concerning past disclosures related to 'pull forward' sales from Q3 2015 to Q4 2016. The company will pay a civil penalty of $9.0 million, resolving all SEC claims without any admission of guilt. Importantly, the SEC confirmed no enforcement action against management. The company is also responding to DOJ requests but has not received any since Q2 2020.
Under Armour, Inc. (NYSE: UA, UAA) will announce its first-quarter results for the period ending March 31, 2021, on May 4, 2021, at 6:55 a.m. ET. A conference call with management to discuss the results will follow at approximately 8:30 a.m. ET. This call will be accessible via a live webcast, with a replay available three hours after the event concludes. Under Armour is known for its innovative athletic performance apparel, footwear, and accessories, aimed at enhancing athletic performance.
BSN SPORTS and Under Armour have announced the recipients of the inaugural Women of Will Hall of Fame Awards, recognizing top Athletic Directors for empowering female athletes. This program aims to uplift women in sports, with this year’s awardees including Gerald McGregory and Joe Martin. The Women of Will program has expanded to 240 partners nationwide, offering exclusive benefits like Under Armour apparel. The program also includes Graduation Awards for standout female athletes nominated by their schools, promoting both athletic and academic excellence.
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.
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