In Q2, Under Armour maintains its growth trajectory and improves its outlook
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4th Aug 2021, Mumbai:
Under Armour's sales increased by 91 percent to $1.4 billion in the second quarter, which concluded on June 30. In light of the results, the business has revised its FY21 sales forecast to the low 20s, up from the high teens before.
“We are quite happy with Under Armour's better-than-expected second-quarter results, which show excellent growth in comparison to both 2020 and 2019.” We're boosting our full-year projection to reflect the ongoing momentum, putting us on track to deliver a strong performance in 2021,” said Patrik Frisk, president, and CEO of Under Armour.
In the second quarter, gross profit nearly doubled to $668.8 million from $349.1 million, while income from operations increased to $121.2 million from $169.7 million. From a deficit of $182.9 million, the company's net income increased to $59.2 million. North American revenues increased by 101.4 percent to $905.5 million, while EMEA revenues increased by 132.5 percent to $207.2 million, according to the sportswear business. Revenues rose 56.1 percent in Asia Pacific ($192.3 million) and 317.3 percent in Latin America ($46.5 million).
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Under Armour's garment revenue increased by 105.3 percent to $874.2 million, while footwear income increased by 85.1 percent to $342.6 million. “At the midway point of our fiscal year, I'm confident in our ability to execute our plan by putting Focused Performers at the center of everything we do and growing our capacity to deliver steady, profitable long-term growth for our shareholders,” Frisk said.
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