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Under Armour Apparel net revenues goes up for Q1

Apr '08
Under Armour Inc announced financial results for the first quarter ended March 31, 2008.

Net revenues increased 26.6% in the first quarter to $157.3 million compared to net revenues of $124.3 million in the first quarter of 2007.

Based on the seasonality of net revenues and the timing of marketing and other investments, the Company had previously indicated that earnings would be more heavily weighted to the back half of 2008 relative to 2007.

First quarter net income was $2.9 million compared to $9.9 million in the same period of 2007. Diluted earnings per share for the first quarter of 2008 was $0.06 on weighted average common shares outstanding of 49.9 million compared to $0.20 per share on weighted average common shares outstanding of 49.8 million in the first quarter of the prior year. The Company's previous outlook was diluted EPS of $0.03 to $0.05 for the first half of 2008.

Apparel net revenues rose 24.6% to $129.2 million in the first quarter of 2008 with strong growth across Men's, Women's, and Youth. Footwear revenues increased 40.2% to $16.6 million primarily due to a limited amount of Performance Training Footwear shipped during the quarter.

"The Under Armour Brand continues to resonate with athletes," stated Kevin Plank, Chairman and CEO of Under Armour Inc. "Our apparel business grew 25% with Women's growing at an even faster rate at 36%, illustrating the strength of our Brand.

By communicating an authentic message and developing innovative products to meet the needs of new prototype athlete, we continue to drive consumers to our Brand.

We believe our message of performance enables us to reach both male and female athletes, to expand beyond team sports to individual sports, and to get the consumer to think of us not just as a great athletic apparel brand but a great athletic brand."

Gross margin for the first quarter of 2008 was 47.6% compared to 48.7% in the prior year primarily due to an inventory reserve taken on excess gloves. Selling, general and administrative expenses were 44.9% of net revenues in the first quarter of 2008 compared to 35.8% in the prior year.

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