Home / Knowledge / News / Apparel/Garments / Revenue surges 25% at Under Armour in Q3 of 2012
Revenue surges 25% at Under Armour in Q3 of 2012
26
Oct '12
Under Armour Inc. announced financial results for the third quarter ended September 30, 2012. Net revenues increased 24% in the third quarter of 2012 to $575 million compared with net revenues of $466 million in the prior year's period. Net income increased 25% in the third quarter of 2012 to $57 million compared with $46 million in the prior year's period.

Diluted earnings per share for the third quarter of 2012 were $0.54 on weighted average common shares outstanding of 107 million compared with $0.44 per share on weighted average common shares outstanding of 105 million in the prior year's period.

Third quarter Apparel net revenues increased 22% to $445 million compared with $363 million in the same period of the prior year, driven by strength across Men's, Women's, and Youth apparel businesses.

Third quarter Footwear net revenues increased 21% to $63 million from $52 million in the prior year's period, primarily driven by new 2012 running styles, including UA Spine. Third quarter Accessories net revenues increased 37% to $54 million from $40 million in the prior year's period, primarily led by headwear. Direct-to-Consumer net revenues, which represented 24% of total net revenues for the third quarter, grew 31% year-over-year.

Kevin Plank, Chairman, CEO, and President of Under Armour, Inc., stated, "The third quarter marks our twelfth consecutive quarter with apparel growth in excess of 20% and our tenth consecutive quarter of net revenues growth surpassing 20%. This growth reflects our core belief that when we innovate and add value for the athlete, we win.

“Our recent expansion of the UA Storm platform is a great example of our unwavering pursuit of innovation. The Women's category remains a major focus and huge opportunity for us as a brand and the strong sell-throughs we are seeing in new products such as Studio and ArmourBra give us confidence that we are resonating with our consumers.

“Our success in innovation extended to Footwear with the successful launch this past quarter of UA Spine running footwear and will continue with our upcoming UA Spine extension into basketball and our December introduction of the UA Cam Highlight trainer."

Gross margin for the third quarter of 2012 was 48.7% compared with 48.4% in the prior year's quarter, primarily reflecting more favorable North American apparel product margins.

Selling, general and administrative expenses as a percentage of net revenues were 32.9% in the third quarter of 2012 compared with 32.3% in the prior year's period, primarily reflecting the timing of marketing expenses. Marketing expenses for the third quarter of 2012 were 11.4% of net revenues compared with 10.4% in the prior year's quarter. Third quarter operating income grew 21% to $91 million compared with $75 million in the prior year's period.

Balance Sheet Highlights

Cash and cash equivalents increased to $157 million at September 30, 2012 compared with $68 million at September 30, 2011. The Company had no borrowings outstanding under its $300 million revolving credit facility at September 30, 2012. Inventory at September 30, 2012 decreased 2% to $312 million compared with $319 million at September 30, 2011. Long-term debt, including current maturities, decreased to $72 million at September 30, 2012 from $80 million at September 30, 2011.

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search