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Men's, Women's & Youth apparel biz perk up at Under Armour
27
Oct '09
Under Armour, Inc. announced financial results for the third quarter ended September 30, 2009. Net revenues increased 16.2% in the third quarter of 2009 to $269.5 million compared with net revenues of $231.9 million in the third quarter of 2008. Net income increased to $26.2 million in the third quarter of 2009 compared with $25.7 million in the prior year's period. Diluted earnings per share for the third quarter of 2009 was $0.52 on weighted average common shares outstanding of 50.7 million compared with $0.51 per share on weighted average common shares outstanding of 50.4 million in the third quarter of the prior year.

Third quarter apparel net revenues increased 7.1% to $215.4 million compared with $201.1 million in the same period of the prior year, driven by growth in the Men's, Women's, and Youth apparel businesses. Footwear net revenues in the third quarter of 2009 increased to $33.0 million from $13.1 million in the third quarter of 2008. Direct-to-consumer net revenues, which represented 15% of total net revenues for the quarter, grew 62% year-over-year during the third quarter.

Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "The strength and diversity of our growth platform enabled us to deliver meaningful top line growth during the quarter with all product categories up for the period. Continuing to lead in product innovation and aggressively communicating our authentic position in sports will help ensure that the Under Armour Brand continues to resonate with the athletes of this generation."

For the third quarter, operating income rose to $47.1 million compared with $46.5 million in the prior year's period. Gross margin for the third quarter of 2009 was 49.7% compared with 51.0% in the prior year's quarter. Selling, general and administrative expenses were $87.0 million in the third quarter of 2009 compared with $71.8 million in the third quarter of 2008. The increase in selling, general and administrative expenses was primarily driven by the continued expansion of the Company's factory house outlet stores as well as higher personnel costs.

For the first nine months of 2009, net revenues increased 16.2% to $634.2 million compared with $546.0 million in the prior year. Net income for the first nine months of 2009 increased to $31.6 million compared with $29.9 million in the same period of 2008. Diluted earnings per share for the first nine months of 2009 was $0.62 compared with $0.59 per share in the prior year's period.

Balance Sheet Highlights
Cash and cash equivalents increased $53.2 million to $93.4 million at September 30, 2009 compared with $40.2 million at September 30, 2008. The Company had no borrowings outstanding under its $200 million revolving credit facility at September 30, 2009. Net accounts receivable decreased 4.0% to $145.0 million at September 30, 2009 compared with $151.1 million at September 30, 2008. Inventory at quarter-end decreased 6.6% to $152.8 million compared with $163.6 million at September 30, 2008.

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