Revenue Performance - Fourth quarter revenue decreased 11% to $1.2 billion, with North American revenue down 11% to $689 million and international revenue down 13% to $489 million[3] - Full year revenue decreased 9% to $5.2 billion, with North American revenue down 11% to $3.1 billion and international revenue down 6% to $2.1 billion[8] - Net revenues for the three months ended March 31, 2025, were $1,180,583, a decrease of 11.4% compared to $1,332,197 in the same period of 2024[22] - Total net revenue for the year declined by 9.4% according to GAAP, with a currency-neutral net revenue growth of -8.9%[35] - North America experienced a GAAP net revenue decline of 11.4%, while the Asia-Pacific region saw a decline of 13.5%[35] Profitability and Loss - Operating loss for the fourth quarter was $72 million, with an adjusted operating loss of $36 million after excluding transformation and restructuring expenses[3] - Adjusted net income for the full year was $135 million, while the net loss was $201 million[8] - The company reported a net loss of $67,457 for the three months ended March 31, 2025, compared to a net income of $6,568 in 2024[22] - For the year ended March 31, 2025, Under Armour reported a net loss of $201.3 million compared to a net income of $232.0 million for the previous year[32] - The GAAP diluted net loss per share for the year was $0.47, while the adjusted diluted net income per share was $0.31[44] Gross Margin and Costs - Gross margin increased 170 basis points to 46.7%, driven by lower product and freight costs and reduced direct-to-consumer discounting[3] - Gross margin for the first quarter of fiscal 2026 is anticipated to increase by 40 to 60 basis points, driven by a favorable product mix and lower costs[13] - Gross profit for the three months ended March 31, 2025, was $550,782, representing a gross margin of 46.7%, compared to 45.0% in 2024[22] Restructuring and Charges - The company recognized $58 million in restructuring and impairment charges by the end of the fourth fiscal quarter of 2025, with total anticipated charges of $140 million to $160 million[7] - The company incurred restructuring charges of $15,726 for the three months ended March 31, 2025[22] - The company reported a significant increase in stock-based compensation, rising to $53.0 million from $43.0 million year-over-year[32] Share Repurchase and Stock Information - The company repurchased $25 million of Class C common stock in the fourth quarter, totaling 12.8 million shares repurchased for $90 million under a $500 million program[6] - The company repurchased $90.0 million in common stock during the year, compared to $75.0 million in the previous year[32] Future Expectations - For the first quarter of fiscal 2026, revenue is expected to decrease 4% to 5% compared to the same quarter last year[13] - Selling, general, and administrative expenses are expected to decrease approximately 40% compared to the first quarter of fiscal 2025, excluding last year's litigation settlement expense[13] - For the quarter ending June 30, 2025, the company expects adjusted income from operations to range between $20 million and $30 million[48] Asset and Liability Changes - Total current assets decreased to $2,329,097 as of March 31, 2025, from $2,863,682 in 2024[30] - Total liabilities decreased to $2,410,593 as of March 31, 2025, compared to $2,607,448 in 2024[30] - The company reported a significant decline in inventory levels, with inventories at $945,836 as of March 31, 2025, down from $958,495 in 2024[30] Segment Performance - North America segment revenues decreased by 10.7% to $689,399 for the three months ended March 31, 2025, from $771,870 in 2024[22] - Direct-to-consumer revenues fell by 15.1% to $386,110 for the three months ended March 31, 2025, compared to $454,690 in 2024[24] Store Count - Under Armour's total company-owned and operated doors decreased from 440 in 2024 to 441 in 2025, with North America total doors declining from 200 to 195[51]

智通财经5月13日电，安徳玛第四季度调整后每股亏损0.080美元。 ...

安徳玛第四财季净营收11.8亿美元，同比下降11%，预估11.6亿美元。 第四财季每股亏损0.16美元，预估每股亏损0.15美元。 第四财季调整后运营亏损3,560万美元，上年同期收益5,390万美元，预估亏损3,620万美元。 第四财季经营亏损7,210万美元，上年同期亏损355万美元，预估亏损6,880万美元。 ...

克拉克在4月30日晚间发给财政部长贝森特、商务部长卢特尼克和美国贸易代表格里尔的信中写道："我们 深感担忧，哪怕只需数周或数月就能达成协议，许多小企业也将遭受无法弥补的损害。" 当地时间5月2日消息，美国鞋类分销商和零售商协会本周致信白宫，请求豁免美国总统特朗普所谓 的"对等关税"，称这些关税对鞋类行业构成了"生存威胁"。 据悉，这封信由76个鞋类品牌签署，其中包括耐克、阿迪达斯、斯凯奇和安德玛。信中表示，许多生产平 价鞋类的公司无法承受如此高的关税，也无法转嫁这些成本。如果不立即解除对等关税，这些公司将不得 不倒闭。该协会表示，许多订单已被搁置，美国消费者的鞋类库存可能很快就会不足。 另据央视新闻援引美国消费者新闻与商业频道（CNBC）报道，当地时间4月30日，美国商会致信特朗普 政府，敦促其立即实施"关税豁免机制"，以防止美国经济陷入衰退，并对小企业造成"无法弥补的伤害"。 不过，白宫拒绝了他们的请求。 美国商会代表全美超过300万家企业和组织，是全球规模最大、影响力最广的商业组织之一。该组织要求 特朗普政府的主要贸易官员取消对所有小型企业进口商以及对所有"无法在美国生产"或美国国内无法获得 的产品的关税 ...

2025.05. 03 据央视新闻，当地时间5月2日，记者获悉，美国鞋类分销商和零售商协会本周致信白宫，请求豁免 美国总统特朗普所谓的"对等关税"，称这些关税对鞋类行业构成了"生存威胁"。 据悉，这封信由76个鞋类品牌签署，其中包括耐克、阿迪达斯、斯凯奇和安德玛。信中表示，许多 生产平价鞋类的公司无法承受如此高的关税，也无法转嫁这些成本。如果不立即解除对等关税，这些 公司将不得不倒闭。该协会表示，许多订单已被搁置，美国消费者的鞋类库存可能很快就会不足。 对华小额包裹免税取消=更高价格+更慢物流 2日，美国正式终止了对来自中国价值不超过800美元的小额包裹给予免征关税的政策。 受此影响，一些国家的零售商近期调整甚至暂停了对美业务 。此举还迫使一些电商平台被迫重组物 流体系，提高商品售价，并加速在美国建设本地仓库，以避免高关税的直接冲击。同时，一些外国品 牌已经停止向美国发货，而一些中小企业甚至选择退出美国市场。彭博社进一步指出，一些电商平台 的部分产品价格上涨幅度超过一倍，用户在社交平台上普遍抱怨发货延迟。 央视记者获悉，一些美国本土企业也正在做出调整。《华尔街日报》披露，美国某鞋类品牌将其库存 从加拿大转移至 ...

每经编辑 杜宇 据央视新闻5月3日消息，当地时间5月2日，央视记者获悉，美国鞋类分销商和零售商协会本周致信白宫，请求豁免美国总统特朗普所谓的"对等关税"，称这 些关税对鞋类行业构成了"生存威胁"。 据悉，这封信由76个鞋类品牌签署，其中包括耐克、阿迪达斯、斯凯奇和安德玛。信中表示，许多生产平价鞋类的公司无法承受如此高的关税，也无法转嫁 这些成本。如果不立即解除对等关税，这些公司将不得不倒闭。该协会表示，许多订单已被搁置，美国消费者的鞋类库存可能很快就会不足。 据央视新闻此前消息，当地时间4月8日晚，美国鞋类分销商和零售商协会（FDRA）首席执行官马特·普里斯特在接受CNN采访时表示，在美国关税政策生 效后，一双150美元（约合1100元人民币）的球鞋现在要卖到230美元（约合1688元人民币），相当于涨价80美元（约合587元人民币），涨幅高达53%。 他还表示，如果一双在海外生产的标价100美元（约合733元人民币）的球鞋，在美国国内制造，价格将涨到一双300美元或400美元（约合2201元或2935元人 民币），这些都是美国关税政策导致的。 关税大棒砸到美发业 美国"头等大事"变"头顶危机" 据央视新闻， ...

Core Viewpoint - Under Armour, Inc. has announced the addition of three new members to its Board of Directors, enhancing its leadership team with diverse expertise in finance, sports management, and investment [1] Group 1: New Board Members - Dawn N. Fitzpatrick brings extensive financial and operational expertise as the CEO and CIO of Soros Fund Management, with a strong background at UBS [2] - Eugene D. Smith has significant experience in intercollegiate sports management, having served as Senior Vice President and Athletic Director at Ohio State University [3] - Robert J. Sweeney has a robust background in consumer and retail investments, previously serving as a partner at Goldman Sachs and currently as President of Sycamore Partners [4] Group 2: Board Composition - The new Board of Directors will include Douglas E. Coltharp, Jerri L. DeVard, Mohamed A. El-Erian, Carolyn N. Everson, Dawn N. Fitzpatrick, David W. Gibbs, Karen W. Katz, Eric T. Olson, Kevin A. Plank, Eugene D. Smith, Robert J. Sweeney, and Patrick W. Whitesell [1]

Group 1 - The article references the iconic Nike commercial featuring Mars Blackmon and Michael Jordan, highlighting the cultural impact of the Air Jordan brand [1] - It emphasizes the belief in the efficiency of financial markets, suggesting that stocks generally reflect their true value [1] - The best investment opportunities are identified as those in less-followed stocks or those that do not accurately represent market opportunities [1]

Revenue Performance - Total net revenues decreased by 5.7% compared to the same period last year[175]. - Wholesale revenue decreased by 1.0%, while direct-to-consumer revenue decreased by 9.1%[175]. - Apparel revenue decreased by 5.0%, footwear revenue decreased by 9.0%, and accessories revenue increased by 5.7%[175]. - Net revenue decreased by 7.8% in North America, increased by 4.9% in EMEA, decreased by 5.1% in Asia-Pacific, and decreased by 15.5% in Latin America[175]. - Net revenues decreased by $85.0 million, or 5.7%, to $1,401.0 million for the three months ended December 31, 2024, compared to $1,486.0 million for the same period in 2023[183]. - Total net revenues for the nine months ended December 31, 2024, decreased by $385.9 million, or 8.8%, to $3,983.7 million from $4,369.7 million in the same period in 2023[183]. - North America net revenues decreased by $71.7 million, or 7.8%, to $843.6 million, driven by declines in both direct-to-consumer and licensing revenues[215]. - EMEA region net revenues increased by $13.8 million, or 4.9%, to $297.9 million, supported by growth in both wholesale and direct-to-consumer channels[215]. - North America net revenues fell by $317.1 million, or 11.6%, to $2,416.2 million, driven by declines in both direct-to-consumer and wholesale channels[220]. - EMEA region net revenues increased by $10.2 million, or 1.3%, to $808.0 million, supported by growth in the direct-to-consumer channel[220]. - Asia-Pacific region net revenues decreased by $55.7 million, or 8.6%, to $590.6 million, impacted by declines in both wholesale and direct-to-consumer channels[220]. Profitability and Expenses - Gross margin increased by 240 basis points to 47.5%[175]. - Selling, general and administrative expenses increased by 6.4%[175]. - Gross profit decreased by $5.5 million to $665.2 million during the three months ended December 31, 2024, while gross margin increased to 47.5% from 45.1%[190]. - Selling, general and administrative expenses increased by $38.5 million, or 6.4%, to $637.7 million for the three months ended December 31, 2024, compared to $599.2 million for the same period in 2023[194]. - Selling, general and administrative expenses as a percentage of net revenues increased to 45.5% during the three months ended December 31, 2024, compared to 40.3% in the same period in 2023[197]. - Operating income decreased by $57.9 million, or 81.1%, to $13.5 million for the three months ended December 31, 2024, compared to $71.4 million for the same period in 2023[216]. - Total operating income (loss) for the nine months ended December 31, 2024, was $(113.1) million, a decrease of $346.4 million compared to $233.3 million in 2023[219]. - Net income decreased significantly to $1.2 million for the three months ended December 31, 2024, compared to $110.8 million for the same period in 2023[182]. Restructuring and Charges - The 2025 restructuring plan is estimated to incur pre-tax charges of approximately $140 million to $160 million during Fiscal 2025 and Fiscal 2026[176]. - Total costs recorded in restructuring charges for the three months ended December 31, 2024, amounted to $17.764 million[176]. - Employee-related costs recorded in restructuring charges were $1.584 million for the three months ended December 31, 2024[176]. - Restructuring charges increased by $13.9 million, or 100.0%, to $13.9 million for the three months ended December 31, 2024, primarily due to employee-related charges of $1.6 million, facility-related charges of $5.7 million, and other restructuring charges of $6.7 million[199]. Cash Flow and Liquidity - As of December 31, 2024, the company had approximately $726.9 million in cash and cash equivalents, sufficient to meet liquidity needs for at least the next twelve months[224]. - Net cash provided by operating activities decreased by $334.0 million to $142.9 million for the nine months ended December 31, 2024, compared to $476.9 million in 2023[233]. - Cash flows used in investing activities increased by $27.7 million to $(99.2) million, primarily due to higher capital expenditures and acquisitions[235]. - Cash flows used in financing activities increased by $79.5 million to $(154.5) million, including an $80.9 million repayment of Convertible Senior Notes and $65.0 million for share repurchases[237]. Capital Expenditures and Financing - Total capital expenditures for the nine months ended December 31, 2024, were $139.9 million, representing approximately 4% of net revenues, an increase of $23.3 million from $116.5 million in 2023[236]. - The company has a revolving credit facility of $1.1 billion, with no amounts outstanding as of December 31, 2024[238]. - The company authorized a share repurchase program of up to $500 million, with $65 million repurchased as of December 31, 2024[229][232]. - The company issued $600.0 million of 3.25% senior unsecured notes due June 15, 2026, with interest payable semi-annually[247]. - The amended credit agreement requires a consolidated EBITDA to consolidated interest expense ratio of not less than 3.50 to 1.0[243]. Other Financial Metrics - Other expense, net increased by $50.5 million to $2.6 million during the three months ended December 31, 2024, primarily due to an earn-out related to the sale of the MyFitnessPal platform[206]. - Income tax expense decreased by $2.3 million to $6.3 million for the three months ended December 31, 2024, with an effective tax rate of 83.3% compared to 7.2% in the prior year[208]. - Marketing costs decreased by $31.1 million, or 7.1%, but as a percentage of net revenues, they increased to 10.2% from 10.0%[202]. - Other costs increased by $228.6 million, or 16.8%, primarily due to higher litigation expenses and an impairment charge of $28.4 million[202]. - Interest expense, net increased by $3.2 million to $3.4 million during the three months ended December 31, 2024, primarily due to a decrease in interest income[203].

Core Insights - Under Armour has intentionally reduced sales volume to re-establish brand prominence after a period of dilution over its 25+ years in the financial/investment industry [1] Company Summary - Under Armour is currently viewed as a conundrum for investors and Wall Street analysts due to its strategic decision to decline sales volume [1] - The company aims to regain its brand strength and market position following a significant period of brand dilution [1]