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Under Armour net revenue grows 4% in Q4 FY19
12 Feb 20 2 min read
Under Armour, a leading inventor and distributor of branded athletic performance apparel, footwear and accessories, reported 4 per cent growth to $1.4 billion in Q4 FY19 compared to same period prior year. Revenue for FY19 that ended on December 31, 2019, was up 1 per cent to $5.3 billion. Performance in Q4 was driven by growth in footwear segment.
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Apparel revenue in the quarter was relatively flat at $970 million. Footwear revenue increased 10 per cent to $259 million and accessories revenue increased 2 per cent to $110 million.
Gross margin in Q4 increased 47.3 per cent compared to the prior year driven primarily by pricing including lower discounts to company's wholesale partners, channel mix and supply chain initiatives, as reported. Selling, general & administrative expenses increased 3 per cent to $607 million in the quarter. Operating income was $74 million.
Gross margin for FY19 was 46.9 per cent compared to 45.1 per cent in the prior year driven predominantly by supply chain initiatives, channel mix and prior period restructuring charges. Selling, general & administrative expenses increased 2 per cent to $2.2 billion in the year. Operating income was $237 million. Net income for FY19 was $92 million.
Company's initial FY20 outlook includes negative impact of the coronavirus outbreak in China of approximately $50 million to $60 million in sales related to Q1 FY20. Company also reported that revenue is expected to be down at a low single-digit per cent. This reflects a mid to high-single-digit percentage decline in North America. The international business is expected to grow at a low double-digit percentage rate.
Fibre2Fashion News Desk (JL)
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