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Under Armour revenues bounce back

Revenues remained flat year on year at $1.4bn (£1.08bn).

Clothing revenue decreased 6% year on year to $927m (£717m), while footwear revenue increased 19% to $299m (£231m), and accessories revenue increased 23% to $145m (£112m) compared to 2019.

Wholesale revenue decreased 7% to $830m (£642m) in the period, and direct-to-consumer revenue increased 17% to $540m (£4128m), driven by continued strong growth in ecommerce.

North America revenue decreased 5% to $963m (£745m) and international revenue increased 18% to $433m (£335m). Within the international business, revenue increased 31% in EMEA, grew 15% in Asia-Pacific, and decreased 15% in Latin America.

The company ended the third quarter with net cash of $866m (£670m).

The retailer announced earlier today that it has entered into a definitive agreement to sell the MyFitnessPal platform to US private equity firm Francisco Partners for $345m (£267m).

Patrik Frisk, Under Armour president and CEO, said: “Our third-quarter results reflect considerably better than expected performance due to higher demand and our strong execution, especially in North America. We believe that the critical mass of our transformational challenges is behind us, and we remain sharply focused on operational improvements and financial discipline to accelerate strategies to create sustainable, long-term growth for the Under Armour brand and our shareholders.”

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