Home / Knowledge / News / Apparel/Garments / Men's, Women's & Youth apparel biz perk up at Under Armour
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.


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Silke Brand-Kirsch
Schlegel und Partner

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

Eamonn Tighe
Nature Works LLC

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

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silvia Venturini Fendi
Fendi s.r.l

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search