Under Armour, Inc.


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Under Armour delivered a positive result and managed an all-around beat in the last quarter, reporting a flat revenue of $1.6 billion compared to the previous year, aligning with their projected outlook. Excluding the impact of foreign currency, revenue experienced a 1% decline. North American revenue decreased by 2%, reaching $991 million, in line with expectations. The North American DTC business saw a slight decline, while EMEA revenue rose by 9% to $287 million. From a channel perspective, wholesale revenue dipped by 1% to $940 million, while direct-to-consumer revenue increased by 3% to $596 million. Licensing revenue decreased by 14% to $29 million. By product type, apparel revenue grew by 3%, footwear decreased by 7%, and accessories business was up by 3%. Looking ahead to fiscal ’24, Under Armour has adjusted its outlook due to persistent challenges in the North American business. Their team now expects a revenue decline of 2% to 4%. North American revenue is projected to be down 5% to 7%, while international business is expected to grow at a low double-digit rate. Gross margin is now anticipated to increase by 100 to 125 basis points, and SG&A expenses are expected to be flat to slightly down.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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