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Under Armour's net income up 63% in Q1 2016
22
Apr '16
Courtesy: Under Armour
Courtesy: Under Armour
Under Armour, a 20-year-old, US based apparel and fashion products supplier, saw a rise of 63 per cent to $19 million in its net income in the first quarter of 2016 as compared to $12 million in the corresponding quarter last year.

Diluted earnings per share for Q1 of 2016 stood at $0.04 as compared to $0.03 in 2015, according to a press statement released by Under Armour.

Net revenue for the first quarter of 2016 was $1.05 billion as compared to $805 million in the same period of the previous year, a rise of 30 per cent.

Apparel net revenue rose by 20 per cent to $667 million as compared to $555 million previously. Net revenue for the footwear division increased to $264 million from $161 million in 2015. Accessories division's net revenue stood at $80 million in 2016 as compared to $63 million in the prior year.

Commenting on the results, Kevin Plank, chairman and CEO of Under Armour said, “For the past 24 consecutive quarters or six years, we have driven net revenue growth of above 20 per cent. We are incredibly proud of our start to 2016 with the first quarter net revenue growth of 30 per cent.”

“The strong results posted this quarter truly demonstrate the balanced growth of our brand across product categories, channels and geographies,” he added.

Based on current visibility, the company expects 2016 net revenue of approximately $5 billion, representing growth of 26 per cent over 2015. (MCJ)

Fibre2Fashion News Desk

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