Under Armour, Inc announced financial results for the fourth quarter ended December 31, 2013. Net revenues increased 35% in the fourth quarter of 2013 to $683 million compared with net revenues of $506 million in the prior year's period.
Net income increased 28% in the fourth quarter of 2013 to $64 million compared with $50 million in the prior year's period. Diluted earnings per share for the fourth quarter of 2013 increased 27% to $0.59 compared with $0.47 in the prior year's period.
Highlights:
- Fourth Quarter Net Revenues Increased 35% to $683 Million; Full Year Net Revenues Increased 27% to $2.33 Billion
- Fourth Quarter Diluted EPS Increased 27% to $0.59; Full Year Diluted EPS Increased 24% to $1.50
- Company Raises 2014 Net Revenues Outlook to a Range of $2.84 Billion to $2.87 Billion (+22% to +23%)
- Company Raises 2014 Operating Income Outlook to a Range of $326 Million to $329 Million (+23% to +24%)
Fourth quarter apparel net revenues increased 35% to $546 million compared with $405 million in the same period of the prior year, primarily driven by expanded Fleece offerings and new ColdGear Infrared products. Fourth quarter footwear net revenues increased 24% to $55 million from $45 million in the prior year's period, led by gains in running.
Fourth quarter accessories net revenues increased 52% to $65 million from $43 million in the prior year's period, primarily driven by headwear and gloves. Direct-to-Consumer net revenues, which represented 39% of total net revenues for the fourth quarter, grew 36% year-over-year.
Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "By any measure, 2013 was a banner year for the UA Brand. We surpassed $2 billion in net revenues for the year, which culminated with our 15th straight quarter of at least 20% total growth.
In addition, we completed our first acquisition, MapMyFitness, opened our first two UA Brand House retail stores, and continued to make key investments in our Women's, Footwear and International businesses to drive long-term global growth. While we are proud of what we have accomplished to date, we firmly believe we are just getting started and that our performance in 2013 is indicative of the opportunity that lies ahead for Under Armour."