Home / Knowledge / News / Apparel/Garments / Under Armour raises 2011 outlook
Under Armour raises 2011 outlook
Jan '11
Under Armour Inc announced financial results for the fourth quarter ended December 31, 2010. Net revenues increased 36% in the fourth quarter of 2010 to $301.2 million compared with net revenues of $222.2 million in the fourth quarter of 2009. Net income increased to $22.9 million in the fourth quarter of 2010 compared with $15.2 million in the prior year's period.

Diluted earnings per share for the fourth quarter of 2010 were $0.44 on weighted average common shares outstanding of 52.0 million compared with $0.30 per share on weighted average common shares outstanding of 50.8 million in the fourth quarter of the prior year.

Fourth quarter apparel net revenues increased 32% to $254.0 million compared with $192.1 million in the same period of the prior year, driven by sustained momentum across each of the Men's, Women's, and Youth apparel businesses. Direct-to-Consumer net revenues, which represented 33% of total net revenues for the quarter, grew 56% year-over-year during the fourth quarter. Footwear net revenues in the fourth quarter of 2010 increased to $21.9 million from $8.7 million in the fourth quarter of 2009, primarily due to the introduction of basketball shoes and growth in baseball cleats.

Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "We completed a successful 2010, surpassing $1 billion in annual net revenues and generating EPS growth of 46%. Our results demonstrate the strength of our Brand and we will carry this momentum forward by broadening our consumer reach and delivering innovative product. Our multi-channel distribution platform, heightened by our Direct-to-Consumer strategy, continues to evolve and provides an effective vehicle both to reach new consumers and better service our current consumers. We are proud to be introducing the next chapter in Under Armour innovation as we introduce the world's first Charged Cotton T-shirt this spring."

Mr. Plank concluded, "We are proud of the results posted on the scoreboard in 2010. One billion dollars in revenue is a solid foundation and opportunities remain abundant both domestically and across the globe. We have assembled a winning leadership team and are making the right investments to enhance our near-term growth opportunities in wholesale apparel and Direct-to-Consumer, while continuing to build our long-term footwear and global platforms."

Gross margin for the fourth quarter of 2010 was 51.7% compared with 51.2% in the prior year's quarter primarily due to a higher percentage of revenue from our higher margin Direct-to-Consumer channel and lower footwear markdowns compared to the same period in 2009. Selling, general and administrative expenses as a percentage of net revenues were 40.0% in the fourth quarter of 2010 compared with 39.1% in the fourth quarter of 2009 as a result of continued expansion of the Factory House stores and higher performance bonus expense given strong results.

Marketing expense for the fourth quarter of 2010 was 11.1% of net revenues compared with 11.3% in the prior year. For the fourth quarter, operating income grew 31% to $35.2 million compared with $26.9 million in the prior year's period. EPS for the quarter benefited approximately $0.04 from a lower than expected effective income tax rate of 33.4%, primarily resulting from a research and development tax credit renewed in December 2010 and continuing tax planning strategies.

Must ReadView All

Apparel/Garments | On 21st Feb 2017

Max Fashion targets revenue of Rs 5,000 cr by fiscal 2021

Apparel retailer Max Fashion is mulling to double its turnover to Rs...

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

February 2017

February 2017

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


Browse Our Archives


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