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Under Armour ups full-year guidance on strong Q3 results

By Huw Hughes

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Management

Image: Under Armour, Facebook

Under Armour has upped its full-year guidance after its third-quarter profit and sales beat expectations.

In the three months to September 30, revenue at the US sportswear company increased 8 percent to 1.55 billion dollars, ahead of analysts’ estimates of 1.48 billion dollars.

Breaking it down by market, North America revenue increased 8 percent to 1.04 billion dollars, EMEA was up 15 percent to 241.2 million dollars, Asia-Pacific grew 19 percent to 212 million dollars, and Latin America jumped 27 percent to 56 million dollars.

By category, apparel revenue increased 14 percent to 1.06 billion dollars, and footwear was up 10 percent to 329.7 million dollars. Meanwhile, revenue in Under Armour’s accessories category dropped 13 percent to 126.3 million dollars.

The company posted a net income of 113.4 million dollars compared to 38.9 million dollars a year earlier.

Under Armour ups full-year guidance

“Our third-quarter results were driven by strong demand for the Under Armour brand and our ability to execute quickly to meet the needs of our consumers and customers,” said the brand’s president and CEO Patrik Frisk.

The company said it now expects full-year revenue to be up approximately 25 percent compared to the previous expectation of a low-twenties percentage increase.

It said it expects that growth to reflect a high-twenties percentage growth rate in North America and a mid-thirties percentage growth rate in the international business.

It forecasts operating income to reach approximately 425 million dollars compared to the previous range of 215 million dollars to 225 million dollars.

Under Armour