Under Armour has reported a fall in sales in the first quarter of 2024 alongside a restructuring plan for the business.
The sportswear retailer’s total sales fell 10% to $1.2bn (£940m) in the three months to June 30, 2024. Sales in North America decreased 14% to $709m (£556.74m) and international sales decreased 2% to $473m (£371.42m).
In the international business, sales in Europe, the Middle East and Africa were flat, down 10% in Asia Pacific and up 16% in Latin America.
Apparel sales decreased 8% to $758m (£595.21m), footwear revenue was down 15% to $310m (£243.42m), and accessories revenue was down 5% to $93m (£73.03m).
Under Armour’s net loss was at $305m (£239.50m) as it took on restructuring charges of $25m (£19.63m) to “strengthen and support the company’s financial and operational efficiencies”.
Under Armour president and chief executive Kevin Plank said: “We are encouraged by early progress in our efforts to reconstitute a premium positioning for the Under Armour brand and pleased with our first quarter fiscal 2025 results that were ahead of expectations. Our renewed energy and alignment are proving to be critical enablers as we work to deliver superior products and storytelling while driving efficiencies, reducing promotional activity, and complexity.”
“With the strongest product organisation we’ve had in many years and strengthened brand leadership, we’re confident in our ability to elevate our design and innovation over the coming seasons and amplify our unique connection with athletes as their brand of choice.”
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