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Under Armour Q1 net revenues surge 25%
23
Apr '15
For the first quarter ended March 31, 2015, net revenues at NYSE listed Under Armour, Inc. surged 25 per cent year over year.

“Net revenues climbed 25 per cent in the first quarter of 2015 to $805 million compared with net revenues of $642 million in the first quarter of 2014,” Under Armour said in a press release.

However, net income declined 13 per cent in the reporting quarter to $12 million as against $14 million in the prior year's period.

“This is inclusive of costs related to the previously announced acquisitions of Endomondo and MyFitnessPal during the first quarter,” it added.

Diluted earnings per share for the first quarter of 2015 were $0.05 compared with $0.06 per share in the corresponding quarter of previous year.

First quarter of 2015 apparel net revenues ascended 21 per cent to $555 million compared with $459 million in the same period of the prior year, driven by new product launches in baselayer and training.

First quarter footwear net revenues drove up by 41 per cent to $161 million from $114 million in the prior year quarter, led by expanded SpeedForm running offerings and launch of Curry One basketball shoe.

Net revenues in the accessories segment expanded 23 per cent to $63 million as against $52 million in the same quarter of last year.

Direct-to-Consumer net revenues, which represents 25 per cent of total net sales grew 21 per cent year-over-year, while International net revenues, which makes up for 12 per cent of total sales zoomed 74 per cent year-on-year.

Gross margin for the first quarter of 2015 was unchanged at 46.9 per cent, primarily reflecting favourable product margins offset by impacts of higher air freight and foreign exchange rates.

Selling, general and administrative expenses as a percentage of net revenues were 43.5 per cent in the first quarter of 2015 as against 42.7 per cent in the prior year's period.

“This primarily reflects costs associated with the two acquisitions, including $6.3 million of one-time deal-related costs,” Under Armour explained by saying.

First quarter operating income increased 3 per cent to $28 million compared with $27 million in the same quarter of 2014.

Cash and cash equivalents increased 29 per cent to $232 million at March 31, 2015 compared with $180 million at March 31, 2014.

Inventory at March 31, 2015 mounted 22 per cent to $578 million as against $472 million at March 31, 2014.

Total debt increased to $677 million at March 31, 2015 from $152 million at March 31, 2014, primarily reflecting borrowing to fund the two acquisitions.

In 2015, it expects net revenues of around $3.78 billion, up 23 per cent over 2014 and operating income in the range of $400 million to $408 million, higher by 13-15 per cent over 2014.

It said, the 2015 guidance continues to reflect the net dilutive impact from the Connected Fitness acquisitions, including one-time deal-related costs, as well as the impact of the strong dollar. (AR)

Fibre2fashion News Desk - India

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