Home / Knowledge / News / Apparel/Garments / Apparel net revenues up at Under Armour
Apparel net revenues up at Under Armour
28
Jul '11
Under Armour Inc announced financial results for the second quarter ended June 30, 2011. Net revenues increased 42% in the second quarter of 2011 to $291.3 million compared with net revenues of $204.8 million in the prior year's period. Net income increased to $6.2 million in the second quarter of 2011 compared with $3.5 million in the prior year's period. Diluted earnings per share for the second quarter of 2011 were $0.12 on weighted average common shares outstanding of 52.5 million compared with $0.07 per share on weighted average common shares outstanding of 51.1 million in the prior year's period.

Second quarter apparel net revenues increased 36% to $204.8 million compared with $150.2 million in the same period of the prior year, driven by continued strength across each of the Men's, Women's, and Youth apparel businesses. Direct-to-Consumer net revenues, which represented 27% of total net revenues for the second quarter, grew 81% year-over-year. Second quarter footwear net revenues increased 31% to $46.9 million from $35.8 million in the prior year's period. Second quarter accessories net revenues increased 266% to $32.4 million from $8.9 million in the prior year's period, primarily driven by the transition of our previously licensed hats and bags business in-house which commenced January 2011.

Kevin Plank, Chairman, CEO, and President of Under Armour, Inc., stated, "We recently outlined our strategy to double our net revenues to over $2.1 billion by 2013 and our second quarter performance is indicative of the increased demand for the Under Armour Brand that will drive us there. We continue to be the thought leaders in all things performance, building off of successes like our launch of Charged Cotton and the development of our next product franchise, Storm Fleece. Our brand communication will expand in the coming months as we build our voice in footwear with Micro G cushioning technology. We will also begin to implement compelling new shop-in-shop formats with our existing retail partners. 2011 is a year where we are on the offensive to better meet the high expectations of our consumers, and we will continue to invest in operational initiatives that will help build a multi-billion dollar global platform."

Gross margin for the second quarter of 2011 was 46.3% compared with 48.8% in the prior year's quarter primarily due to less favorable apparel product margins and a lower year-over-year mix of net revenues from our licensing businesses, partially offset by a higher percentage of net revenues from our higher margin Direct-to-Consumer channel. Selling, general and administrative expenses as a percentage of net revenues were 42.4% in the second quarter of 2011 compared with 45.4% in the prior year's period, reflecting leverage of corporate services and marketing expenses. Marketing expenses for the second quarter of 2011 were 11.7% of net revenues compared with 13.4% in the prior year's quarter. Second quarter operating income grew 65% to $11.4 million compared with $6.9 million in the prior year's period.


Must ReadView All

Sri Lanka's textile imports up 32.5% in February 2018

Textiles | On 22nd May 2018

Sri Lanka's textile imports up 32.5% in February 2018

In what might be an indication of higher exports in the coming...

Polyester yarn price surge affects Surat textile industry

Textiles | On 22nd May 2018

Polyester yarn price surge affects Surat textile industry

The prices of polyester yarn have increased about 12-15 per cent in...

Courtesy: Myntra

Fashion | On 22nd May 2018

Myntra to launch exclusive red carpet line at IIFA 2018

India’s leading destination for fashion online, Myntra, is all set to ...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search