Home / Knowledge / News / Apparel/Garments / Under Armour Q3 sales increase 26%
Under Armour Q3 sales increase 26%
24
Oct '13
Under Armour, Inc. announced financial results for the third quarter ended September 30, 2013. Net revenues increased 26% in the third quarter of 2013 to $723 million compared with net revenues of $575 million in the prior year's period.

Net income increased 27% in the third quarter of 2013 to $73 million compared with $57 million in the prior year's period. Diluted earnings per share for the third quarter of 2013 were $0.68 compared with $0.54 per share in the prior year's period.

Third quarter apparel net revenues increased 26% to $561 million compared with $445 million in the same period of the prior year, primarily driven by the continued expansions of the Storm and Charged Cotton platforms, as well as the introduction of ColdGear Infrared technology.

Third quarter footwear net revenues increased 28% to $81 million from $63 million in the prior year's period, led by strong gains in both running and football. Third quarter accessories net revenues increased 18% to $64 million from $54 million in the prior year's period, primarily driven by bags and headwear. Direct-to-Consumer net revenues, which represented 25% of total net revenues for the third quarter, grew 34% year-over-year.

Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "We have a consistent formula that is driving success across our business: deliver newness and innovation and the consumer responds. This has been instrumental in driving net revenue growth in excess of 20% for the past fourteen straight quarters and we will continue to fuel this strategy going forward. During the quarter we introduced our latest apparel innovation, ColdGear Infrared, which utilizes a ceramic thermo-conductive inner coating to absorb and retain body heat. With the limited release of Speedform we also provided a glimpse of where we can take footwear and redefine fit in the category."

Gross margin for the third quarter of 2013 was 48.4% compared with 48.7% in the prior year's quarter, primarily reflecting higher import duties, partially offset by the net impact of lapping the prior year's sourcing challenges.

Selling, general and administrative expenses as a percentage of net revenues were 31.7% in the third quarter of 2013 compared with 32.9% in the prior year's period, primarily reflecting leverage of marketing expenses. Third quarter operating income increased to $121 million compared with $91 million in the prior year's period.

Balance Sheet Highlights

Cash and cash equivalents increased 19% to $186 million at September 30, 2013 compared with $157 million at September 30, 2012. Inventory at September 30, 2013 increased 59% to $497 million compared with $312 million at September 30, 2012. Long-term debt decreased to $54 million at September 30, 2013 from $72 million at September 30, 2012.

Under Armour

Must ReadView All

Apparel/Garments | On 18th Jan 2017

Government considering 100% FDI in single brand retail

The Government of India is looking at allowing 100 per cent foreign...

Courtesy: Walmart

Apparel/Garments | On 18th Jan 2017

Walmart to create 34,000 new jobs in the US

The world’s biggest retailer and also the biggest US private sector...

Courtesy: UN Department of Public Information

Textiles | On 18th Jan 2017

World economy expanded by just 2.2% in 2016: UN

The world economy expanded by just 2.2 per cent in 2016, the slowest...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Judy Frater
Somaiya Kala Vidya

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

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search