Under Armour updates FY18 outlook, sets five-year targets

Under Armour has initiated a new five-year plan around two strategic priorities: protect and perform. Reviewing the company's expected performance against its long-term growth strategy, Under Armour expects gross margin to increase approximately 275 to 300 basis points reaching at least 48 percent in 2023, annual operating margin is expected to reach a low double-digit percentage rate and earnings per share are expected to grow at a five-year CAGR of approximately 40 percent. For the fiscal year 2018, excluding the impact of the restructuring efforts, adjusted diluted earnings per share is now expected to be 21 cents to 22 cents versus the previous expectation of 19 cents to 22 cents.