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Under Armour Q1 revenue up 35 percent, raises full-year outlook

By Huw Hughes

4 May 2021


Image: Under Armour, Facebook

US sportswear brand Under Armour has reported a 35 percent increase in revenue for the first quarter of the year and raised its full-year outlook.

The Baltimore, Maryland-based brand saw its revenue increase to 1.25 billion dollars in the three months to March 31 compared to 930 million dollars a year earlier.

Wholesale revenue increased 35 percent to 800 million dollars while direct-to-consumer revenue was up 54 percent to 437 million dollars, driven by a 69 percent growth in e-commerce.

Apparel revenue increased 35 percent to 810 million dollars, footwear revenue increased 47 percent to 309 million dollars, and accessories revenue increased 73 percent to 117 million dollars.

Under Armour ups full-year outlook

By markets, North America revenue increased 32 percent to 806 million dollars, while international revenue was up 58 percent to 452 million dollars. Within the international business, revenue increased 41 percent in EMEA, 120 percent in Asia-Pacific, but fell 9 percent in Latin America.

Net income for the quarter was 78 million dollars, compared with a loss of 589 million dollars a year earlier.

It’s good news for the brand which a year ago faced closed stores, lay-offs and other cost-cutting measures during the first wave of the pandemic.

“Under Armour is off to an excellent start for the year,” said the brand’s president and CEO Patrik Frisk in a statement. “Our first-quarter results demonstrate that our improved operating model and investments we’re making to amplify our connection with consumers are enabling us to deliver against strong demand for our brand.”

Looking ahead, the company expects full-year revenue to increase by a high-teen percentage rate compared to the previous expectation of a high-single-digit percentage rate increase. The company said this reflects a high-teen percentage growth rate in North America.