Under Armour reports Q1 FY20 revenue of $930 million

Under Armour, a distributor of branded athletic performance apparel and footwear, posted 23 per cent revenue decline to $930.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $1.2 billion in same period prior year. Net loss for the quarter was $589.6 million compared to income of $22.4 million in same period prior year.

 

Under Armour, a distributor of branded athletic performance apparel and footwear, posted 23 per cent revenue decline to $930.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $1.2 billion in same period prior year. Net loss for the quarter was $589.6 million compared to income of $22.4 million in same period prior year.#

Wholesale revenue decreased 28 per cent to $592 million and direct-to-consumer revenue was down 14 per cent to $284 million, representing 31 per cent of total revenue.

 

Under Armour, a distributor of branded athletic performance apparel and footwear, posted 23 per cent revenue decline to $930.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $1.2 billion in same period prior year. Net loss for the quarter was $589.6 million compared to income of $22.4 million in same period prior year.#

Gross profit during the quarter were $430.9 million (Q1 FY19: $544.7 million). Selling, general and administrative expenses were $522.7 million (Q1 FY19: $509.5 million). 

 

Under Armour, a distributor of branded athletic performance apparel and footwear, posted 23 per cent revenue decline to $930.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $1.2 billion in same period prior year. Net loss for the quarter was $589.6 million compared to income of $22.4 million in same period prior year.#

“During the first quarter, our results in January and February were tracking well to our plan. Since mid-March, as the pandemic accelerated dramatically in North America and EMEA and retail store closures ensued, we've experienced a significant decline in revenue across all markets,” Under Armour president and CEO Patrik Frisk, said in a press release.

 

Under Armour, a distributor of branded athletic performance apparel and footwear, posted 23 per cent revenue decline to $930.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $1.2 billion in same period prior year. Net loss for the quarter was $589.6 million compared to income of $22.4 million in same period prior year.#

Apparel segment revenue fell 22.8 per cent to $598.2 million (Q1 FY19: $774.6 million). Footwear segment revenue decreased 28.3 per cent to $209.6 million (Q1 FY19: $292.5 million). Accessories revenue dropped 17.4 per cent to $67.7 million (Q1 FY19: $81.9 million).

 

Under Armour, a distributor of branded athletic performance apparel and footwear, posted 23 per cent revenue decline to $930.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $1.2 billion in same period prior year. Net loss for the quarter was $589.6 million compared to income of $22.4 million in same period prior year.#

Revenue in North America region decreased 27.8 per cent to $608.9 million (Q1 FY19: $843.2 million). EMEA (Europe, Middle East, and Africa) region revenue grew 2.8 per cent to $137.9 million (Q1 FY19: $134.1 million). Sales in Asia-Pacific region were down 33.7 per cent to $95.6 million (Q1 FY19: $144.2 million). Latin America revenue grew 7.9 per cent to $53.0 million (Q1 FY19: $49.1 million). 

 

Under Armour, a distributor of branded athletic performance apparel and footwear, posted 23 per cent revenue decline to $930.2 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to revenue of $1.2 billion in same period prior year. Net loss for the quarter was $589.6 million compared to income of $22.4 million in same period prior year.#

Company reported that business in China, which comprises a little more than half of its revenue in Asia-Pacific region, both owned and partner doors began closing in late January and remained substantially closed through early March when a slowly progressive re-opening process started. By the end of March, more than 80 per cent of these locations had re-opened in China and, at this time, substantially all have re-opened. Business in South Korea has been similar to those in China, while retail and partner locations outside of these countries in the Asia-Pacific region have remained predominantly closed since the end of the first quarter.