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Under Armour revenue improves 2% to $1.4 billion in Q4

Feb '19
Courtesy: Under Armour
Courtesy: Under Armour
The revenue of Under Armour during the fourth quarter of fiscal 2018 increased 2 per cent to $1.4 billion. Apparel revenue went up 2 per cent to $970 million with growth in the train category. Footwear revenue lowered 4 per cent to $235 million, primarily driven by lower sales to the off-price channel. Accessories revenue dropped 2 per cent to $108 million.

North America revenue declined 6 per cent to $965 million while international business increased 24 per cent to $395 million, representing 28 per cent of total revenue. Within the international business, revenue was up 32 per cent in EMEA, up 35 per cent in Asia-Pacific and down 15 per cent in Latin America.

For full year 2018, North America revenue decreased 2 per cent to $3.7 billion and international business increased 23 per cent to $1.3 billion, representing 26 per cent of total revenue. Within the international business, revenue was up 25 per cent in EMEA, up 29 per cent in Asia-Pacific, and up 5 per cent in Latin America.

Apparel revenue inched higher 5 per cent to $3.5 billion with growth primarily driven by the train category. Footwear revenue scaled up 2 per cent to $1.1 billion largely driven by growth in the run category. Accessories revenue was down 5 percent to $422 million due to softer demand and continued actions to optimise our inventory and distribution.

For the full year 2018, the company recognised $204 million of pre-tax charges, inclusive of $50 million in the fourth quarter. Of the $204 million recognised, there were $151 million in cash related charges and $53 million in non-cash related charges. This compared to the previously announced 2018 plan which anticipated approximately $200 to $220 million in restructuring related charges for the full year.

"Our 2018 results demonstrate significant progress against our multi-year transformation toward becoming an even stronger brand and more operationally excellent company," said Under Armour Chairman and CEO Kevin Plank. "As we look ahead to 2019, our accelerated innovation agenda, disciplined go-to-market process and powerful consumer-centric approach gives us increasingly greater confidence in our ability to deliver for Under Armour athletes, customers and shareholders."

For 2019, the company expects revenue to increase approximately 3 to 4 per cent reflecting relatively flat results for North America and a low double-digit percentage rate increase in the international business. Gross margin is likely to improve approximately 60 to 80 basis points compared to 2018 adjusted gross margin due to channel mix benefits from lower planned sales to the off-price channel and a higher percentage of direct-to-consumer sales along with more. (RR)

Fibre2Fashion News Desk – India

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