In a trading update for the first quarter ending in June, Under Armour reported total sales of $1.3bn (£1.02bn), down 2% from the same period last year, and 1% in currency-neutral terms. Operating income was $21m (£16.5m) and net income was $9m (£7m).
Wholesale sales were down 6.3% to $742m (£582.6m) and direct-to-consumer sales increased 4.5% to $544m (£427.1m).
Sales in North America decreased 9% to $827m (£649.3m) whereas international sales increased 12% to $485m (£380.8m).
Sales were up 10% in Europe, Middle East and Africa, 14% in Asia-Pacific and 13% in Latin America during the period.
The sportswear retailer said it expects revenue to remain flat or increase slightly in the current financial year, with operating income expected to reach $310m (£243.2m) to $330m (£259.1m).
Under Armour president and chief executive Stephanie Linnartz said: “We’re pleased with how we have navigated our start to fiscal 2024. Our international and direct-to-consumer businesses, both of which realised solid growth in the quarter, continue to deliver aside a challenging consumer retail environment in North America. Based on this performance, we are maintaining our outlook for fiscal 2024.
“As we continue executing against our Protect This House three strategic priorities, including our prioritization of North America, we have taken several important steps. These steps include leadership changes, amplifying storytelling to drive global brand heat, and optimizing our product engine to deliver elevated design and groundbreaking innovations that athletes covet.
“I am confident that we will achieve the improved growth and profitability this brand is capable of over the long run.”
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