Under Armour Q4 revenue on the up
The sportswear brand Under Armour has announced “record revenue” for the year to 31 December 2021.
Revenue was up 27% (25% on a currency-neutral basis) to $5.7bn (£4.2bn) year on year.
Wholesale revenue rose 36% to $3.2bn (£2.4bn), and direct-to-consumer sales grew 26% to $2.3bn (£1.7bn) year on year, driven by the performance of its owned and operated stores.
Revenue from clothing rose 33% to $3.8bn (£2.8bn), footwear 35% to $1.3bn (£960m) and accessories 12% to $462m (£341m).
Gross margin increased 210 basis points to 50.3%. Adjusted gross margin increased 180 basis points to 50.4%, driven by benefits from pricing and favourable changes in foreign currency, partially offset by elevated freight expenses, and “unfavourable channel mix”.
Under Armour confirmed it was changing its fiscal year-end from 31 December to 31 March, following a three-month transition period (1 January-31 March 2022).
Under Armour president and CEO Patrik Frisk said: “By staying hyper-focused on operational excellence and serving the needs of athletes, we were able to deliver record revenue and earnings results for the full year.
“As we navigate ongoing uncertainty in the marketplace, we remain focused on delivering industry-leading innovations, premium experiences, and empowering those who strive for more.”
