PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported a **net loss of $2.6 million** for Q1 FY2026, a substantial improvement from the prior year, with total assets increasing to **$4.87 billion** and positive operating cash flow of **$48.9 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Total Current Assets** | $2,902,858 | $2,329,097 | | Cash and cash equivalents | $910,985 | $501,361 | | Inventories | $1,141,829 | $945,836 | | **Total Assets** | **$4,865,191** | **$4,300,871** | | **Total Current Liabilities** | $1,895,375 | $1,109,143 | | Current maturities of long-term debt | $599,757 | $— | | **Total Liabilities** | **$2,990,762** | **$2,410,593** | | **Total Stockholders' Equity** | **$1,874,429** | **$1,890,278** | Condensed Consolidated Statement of Operations Highlights (in thousands) | Account | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net revenues | $1,134,068 | $1,183,665 | | Gross profit | $546,496 | $562,675 | | Income (loss) from operations | $3,323 | $(299,728) | | **Net income (loss)** | **$(2,612)** | **$(305,426)** | | **Diluted EPS** | **$(0.01)** | **$(0.70)** | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $48,852 | $152,975 | | Net cash used in investing activities | $(35,362) | $4,319 | | Net cash provided by (used in) financing activities | $387,303 | $(128,220) | | **Net increase in cash** | **$410,107** | **$26,244** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Disclosures detail the **2025 restructuring plan** incurring **$12.8 million** in charges, a **$400 million** new senior note issuance, and an **$8.9 million** litigation settlement payment - The company issued **$400.0 million** in 7.25% senior unsecured notes due 2030, with proceeds intended to redeem or discharge the **$600.0 million** 3.25% senior notes due 2026 during the second quarter of Fiscal 2026[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - A settlement was reached in the Derivative Actions, including the company implementing various corporate governance measures for three years and receiving a payment of **$8.9 million**, funded by insurance proceeds, on behalf of the defendants[73](index=73&type=chunk) 2025 Restructuring Plan Charges (in thousands) | Charge Category | Three Months Ended June 30, 2025 | Estimated Charges Remaining | | :--- | :--- | :--- | | Costs in restructuring charges | $12,828 | $30,203 | | Costs in SG&A expenses | $8,259 | $19,548 | | **Total restructuring & related charges** | **$21,087** | **$49,751** | Net Revenues by Product Category (in thousands) | Product Category | Q1 FY2026 | Q1 FY2025 | | :--- | :--- | :--- | | Apparel | $746,592 | $757,792 | | Footwear | $265,855 | $310,389 | | Accessories | $100,078 | $92,545 | | **Total Net Sales** | **$1,112,525** | **$1,160,726** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Quarterly revenue declined **4.2%** due to market challenges, yet gross margin improved to **48.2%** and SG&A decreased **36.7%**, with **$911 million** in cash bolstering liquidity [Overview and Quarterly Results](index=38&type=section&id=Overview%20and%20Quarterly%20Results) Total net revenues decreased **4.2%** due to challenging market conditions, with Footwear revenue down **14.3%**, while gross margin improved **70 basis points** to **48.2%** - Key financial highlights for the quarter ended June 30, 2025 compared to the prior year include: total net revenues decreased **4.2%**, wholesale revenue decreased **4.6%**, direct-to-consumer revenue decreased **3.5%**, Footwear revenue decreased **14.3%**, and gross margin increased **70 basis points** to **48.2%**[156](index=156&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Net revenues decreased **4.2%** to **$1.13 billion**, primarily from a **14.3%** drop in Footwear, while gross margin improved to **48.2%** and SG&A expenses fell **36.7%** Revenue Breakdown and Change (in thousands) | Category | Q1 FY2026 | Q1 FY2025 | Change (%) | | :--- | :--- | :--- | :--- | | **By Product** | | | | | Apparel | $746,592 | $757,792 | (1.5)% | | Footwear | $265,855 | $310,389 | (14.3)% | | Accessories | $100,078 | $92,545 | 8.1% | | **By Channel** | | | | | Wholesale | $649,050 | $680,513 | (4.6)% | | Direct-to-consumer | $463,475 | $480,213 | (3.5)% | - Gross margin increased by **70 basis points**, driven by favorable foreign exchange (**+55 bps**), product mix (**+30 bps**), and pricing benefits (**+30 bps**), partially offset by unfavorable channel mix (**-30 bps**) and supply chain costs (**-15 bps**)[169](index=169&type=chunk) - SG&A expenses decreased by **$307.0 million** (**36.7%**), primarily due to lower litigation reserve expense compared to the prior year, which included costs for settling the Consolidated Securities Action litigation[171](index=171&type=chunk)[172](index=172&type=chunk) [Segment Results of Operations](index=44&type=section&id=Segment%20Results%20of%20Operations) North America revenue declined **5.5%**, while EMEA revenue grew **9.6%** with operating income surging **93.8%**, and Corporate Other's operating loss significantly narrowed Net Revenues by Geographic Segment (in thousands) | Region | Q1 FY2026 | Q1 FY2025 | Change (%) | | :--- | :--- | :--- | :--- | | North America | $670,319 | $709,260 | (5.5)% | | EMEA | $248,607 | $226,892 | 9.6% | | Asia-Pacific | $163,386 | $181,836 | (10.1)% | | Latin America | $54,575 | $64,409 | (15.3)% | Operating Income (Loss) by Geographic Segment (in thousands) | Region | Q1 FY2026 | Q1 FY2025 | Change (%) | | :--- | :--- | :--- | :--- | | North America | $121,437 | $147,889 | (17.9)% | | EMEA | $39,643 | $20,456 | 93.8% | | Asia-Pacific | $14,703 | $9,935 | 48.0% | | Latin America | $6,606 | $15,171 | (56.5)% | | Corporate Other | $(179,066) | $(493,179) | 63.7% | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds **$911 million** in cash, with operating cash flow at **$48.9 million**, and issued **$400 million** in new senior notes while retaining **$410 million** for share repurchases - The company had approximately **$911 million** of cash and cash equivalents as of June 30, 2025[188](index=188&type=chunk) - On June 23, 2025, the company issued **$400 million** in aggregate principal amount of 7.25% senior unsecured notes due 2030[196](index=196&type=chunk)[207](index=207&type=chunk) - No shares were repurchased during the three months ended June 30, 2025, with approximately **$410 million** remaining under the current share repurchase program[192](index=192&type=chunk)[224](index=224&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No significant changes to market risk have occurred since March 31, 2025, with further details available in the Fiscal 2025 Annual Report - There have been no significant changes to the company's market risk since March 31, 2025[214](index=214&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective due to a material weakness in balance sheet account reconciliations, with remediation efforts ongoing through Fiscal 2026 - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting[215](index=215&type=chunk) - The material weakness relates to the company not designing and maintaining effective controls over the review and execution of certain balance sheet account reconciliations[216](index=216&type=chunk) - Remediation efforts are underway, including implementing a new account reconciliation policy, enhancing controls, and training process owners, with these efforts expected to continue throughout Fiscal 2026[217](index=217&type=chunk)[219](index=219&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with specific details on certain matters referenced in Note 8 of the financial statements - The company refers to Note 8 of the Condensed Consolidated Financial Statements for information on certain legal proceedings[221](index=221&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No new risk factors are disclosed in this report, with comprehensive details available in the Fiscal 2025 Annual Report on Form 10-K - The company refers readers to the risk factors discussed in Part I, Item 1A of its Annual Report on Form 10-K for Fiscal 2025[222](index=222&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares of Class C Common Stock were repurchased during the quarter, leaving approximately **$410.0 million** available under the repurchase program Issuer Purchases of Equity Securities (Q1 FY2026) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approx. Dollar Value Remaining Under Program (in millions) | | :--- | :--- | :--- | :--- | | April 2025 | — | $— | $410.0 | | May 2025 | — | $— | $410.0 | | June 2025 | — | $— | $410.0 | [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - No director or officer of the Company adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[225](index=225&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including indentures, credit agreement amendments, and officer certifications

Core Viewpoint - Under Armour's Q1 FY2026 earnings report indicates operational progress with improved gross margins and adjusted operating income, despite a decline in GAAP revenue and adjusted EPS falling short of expectations [1][2][3] Financial Performance - GAAP revenue for Q1 FY2026 was $1,134 million, a decrease of 4.2% year-over-year and 2.0% below analyst expectations of $1,155 million [1][3] - Adjusted EPS was $0.02, below Wall Street's estimate of $0.03, reflecting ongoing sales declines and an uncertain outlook [2][3] - Adjusted operating income increased to $24 million from $8 million in the prior year, while GAAP net income improved to -$2.6 million from -$305 million [10][11] Revenue Trends - North America, Under Armour's largest market, saw a 5.5% revenue decline to $670 million, while international revenue fell 1% to $467 million [6] - EMEA revenue grew by 9.6% to $248.6 million, contrasting with declines in Asia-Pacific (down 10.1%) and Latin America (down 15.3%) [6] - Direct-to-consumer (DTC) sales contracted by 3.5%, with e-commerce revenue shrinking by 12% [7][13] Product and Market Dynamics - Apparel revenue decreased by 1.5%, while footwear revenue dropped 14.3%, indicating competitive challenges [8] - Accessories revenue increased by 8.1%, showcasing some product category resilience [8] - The company is focusing on premiumization and brand strength through high-profile partnerships and innovative product launches [5][12] Strategic Focus Areas - Under Armour is prioritizing digital engagement and expanding its DTC and e-commerce channels, despite a deliberate pullback on discounting [5][13] - Supply chain management remains critical, with ongoing risks related to sourcing and tariffs [14] - The company aims to streamline operations and cut costs through a transformation plan, expecting annual savings of $75 million by the end of FY2026 [11][12] Future Outlook - For Q2 FY2026, management anticipates a revenue decline of 6-7%, with gross margin projected to drop by 3.4-3.6 percentage points [16] - Adjusted operating income is expected to be in the range of $30-40 million, with adjusted diluted EPS forecasted between $0.01 and $0.02 [16] - There is significant uncertainty regarding tariffs, cost inflation, and consumer demand, leading to no full-year guidance [16][17]

[Executive Summary & Business Overview](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Overview) This section outlines Under Armour's Q1 FY2026 performance, emphasizing management's strategic focus on brand strengthening and product innovation [Management Commentary](index=1&type=section&id=Management%20Commentary) Under Armour's CEO reported Q1 results met expectations amid transformation, focusing on premium products and brand strengthening despite market uncertainty - Quarterly results met or exceeded expectations while the company undergoes a significant transformation[2](index=2&type=chunk) - Strategic focus is on enhancing brand positioning with premium products, increasing average selling prices through innovation, and optimizing top-volume programs[2](index=2&type=chunk) [First Quarter Fiscal 2026 Financial Performance](index=1&type=section&id=First%20Quarter%20Fiscal%202026%20Financial%20Performance) Under Armour's Q1 FY2026 saw a 4% revenue decline to $1.1 billion, with mixed financial results and an increase in cash and inventories [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Q1 FY2026 saw a 4% revenue decline to $1.1 billion, with GAAP operating income of $3 million and net loss of $3 million, while gross margin improved to 48.2% Q1 FY2026 Key Financial Metrics | Metric | Q1 FY2026 | Change (YoY) | | :--- | :--- | :--- | | **Revenue** | $1.1 billion | -4% | | **Gross Margin** | 48.2% | +70 bps | | **Operating Income** | $3 million | N/A (vs. loss) | | **Adjusted Operating Income** | $24 million | +204.5% | | **Net Loss** | $3 million | N/A (vs. larger loss) | | **Adjusted Net Income** | $9 million | +148.0% | | **Diluted EPS** | -$0.01 | N/A (vs. -$0.70) | | **Adjusted Diluted EPS** | $0.02 | +100% | - Gross margin increased to **48.2%** primarily due to favorable foreign exchange, pricing, and product mix, which was partially offset by unfavorable channel mix and higher supply chain costs[3](index=3&type=chunk) - SG&A expenses decreased significantly by **37% to $530 million**, mainly because the prior year included a large legal reserve expense, with adjusted SG&A decreasing by 6%[3](index=3&type=chunk) [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue declined 4% to $1.1 billion, with North America down 5% and international down 1%, driven by decreases in wholesale, DTC eCommerce, and footwear Q1 FY2026 Revenue Breakdown by Geography | Region | Revenue (USD) | Change (YoY) | Currency Neutral Change | | :--- | :--- | :--- | :--- | | **North America** | $670 million | -5% | -5% | | **International** | $467 million | -1% | -2% | | *EMEA* | $249 million | +10% | +6% | | *Asia-Pacific* | $163 million | -10% | -10% | | *Latin America* | $55 million | -15% | -8% | Q1 FY2026 Revenue Breakdown by Channel & Product | Category | Revenue (USD) | Change (YoY) | | :--- | :--- | :--- | | **Wholesale** | $649 million | -5% | | **Direct-to-Consumer** | $463 million | -3% | | **Apparel** | $747 million | -1% | | **Footwear** | $266 million | -14% | | **Accessories** | $100 million | +8% | - Within the Direct-to-Consumer segment, revenue from owned and operated stores increased by **1%**, but this was offset by a **12% decline in eCommerce revenue**[3](index=3&type=chunk) [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) As of June 30, 2025, cash and equivalents reached $911 million, inventories rose to $1.1 billion, and operating cash flow was $49 million, with no credit facility borrowings Key Balance Sheet Items (as of June 30, 2025) | Item | Amount (USD) | Change from Mar 31, 2025 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $911.0 million | +$409.6 million | | **Inventories** | $1,141.8 million | +$196.0 million | | **Total Assets** | $4,865.2 million | +$564.3 million | | **Total Liabilities** | $2,990.8 million | +$580.2 million | - The company raised **$400 million in senior notes** during the quarter, intending to use the proceeds to retire $600 million in senior notes due June 2026[5](index=5&type=chunk) - Net cash provided by operating activities was **$48.9 million**, a decrease from $153.0 million in the prior year's quarter, primarily due to changes in operating assets and liabilities[26](index=26&type=chunk) [Fiscal 2025 Restructuring Plan](index=2&type=section&id=Fiscal%202025%20Restructuring%20Plan) This section details the Fiscal 2025 Restructuring Plan, outlining its estimated costs and the charges incurred to date by Q1 FY2026 [Restructuring Plan Update](index=2&type=section&id=Restructuring%20Plan%20Update) The Fiscal 2025 Restructuring Plan, estimated at $140-$160 million, has incurred $110 million in charges by Q1 FY2026, with remaining charges expected by end of FY2026 Restructuring Plan Costs (as of Q1 FY2026) | Metric | Amount (USD) | | :--- | :--- | | **Total Estimated Cost** | $140M - $160M | | **Total Charges Incurred to Date** | $110 million | | *Restructuring & Impairment Charges* | $71 million | | *Other Transformational Expenses* | $39 million | | **Cash-Related Charges Incurred** | $65 million | | **Non-Cash-Related Charges Incurred** | $45 million | - The company anticipates recognizing the remaining charges associated with the restructuring plan by the end of fiscal 2026[4](index=4&type=chunk) [Second Quarter Fiscal 2026 Outlook](index=2&type=section&id=Second%20Quarter%20Fiscal%202026%20Outlook) This section provides Under Armour's Q2 FY2026 guidance, projecting revenue decline, gross margin compression, and an operating loss due to market headwinds [Q2 FY2026 Guidance](index=2&type=section&id=Q2%20FY2026%20Guidance) Q2 FY2026 outlook projects a 6-7% revenue decline, a 340-360 bps gross margin drop due to tariffs, and a GAAP operating loss of $10 million to breakeven Q2 FY2026 Outlook | Metric | Guidance | | :--- | :--- | | **Revenue** | Decline 6% to 7% | | **Gross Margin** | Decline 340 to 360 bps | | **Operating Income (Loss)** | ($10) million to $0 million | | **Adjusted Operating Income** | $30 million to $40 million | | **Diluted Loss Per Share** | ($0.07) to ($0.08) | | **Adjusted Diluted EPS** | $0.01 to $0.02 | - The expected gross margin decline is primarily attributed to supply chain headwinds from tariffs and an unfavorable channel mix[6](index=6&type=chunk) - Adjusted SG&A is expected to grow at a high-single-digit rate, driven by higher marketing investments compared to the prior year when spending was shifted to the second half[6](index=6&type=chunk) [Financial Statements and Reconciliations](index=5&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents Under Armour's Q1 FY2026 consolidated financial statements, including income, balance sheet, cash flow, non-GAAP reconciliations, and store count [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 FY2026 net revenues were $1.134 billion, with gross profit at $546.5 million, resulting in an operating income of $3.3 million and a net loss of $2.6 million Q1 FY2026 Income Statement (in thousands) | Line Item | Q1 2025 (ended Jun 30) | Q1 2024 (ended Jun 30) | | :--- | :--- | :--- | | **Net revenues** | $1,134,068 | $1,183,665 | | **Gross profit** | $546,496 | $562,675 | | **Income (loss) from operations** | $3,323 | $(299,728) | | **Net income (loss)** | $(2,612) | $(305,426) | | **Diluted net income (loss) per share** | $(0.01) | $(0.70) | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached $4.87 billion, with cash at $911 million and inventories at $1.14 billion, while total liabilities increased to $2.99 billion Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $910,985 | $501,361 | | **Inventories** | $1,141,829 | $945,836 | | **Total current assets** | $2,902,858 | $2,329,097 | | **Total assets** | $4,865,191 | $4,300,871 | | **Total current liabilities** | $1,895,375 | $1,109,143 | | **Total liabilities** | $2,990,762 | $2,410,593 | | **Total stockholders' equity** | $1,874,429 | $1,890,278 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 FY2026 saw $48.9 million in operating cash, $35.4 million used in investing, and $387.3 million provided by financing, leading to a $410.1 million net cash increase Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended June 30, 2025 | | :--- | :--- | | **Net cash provided by operating activities** | $48,852 | | **Net cash used in investing activities** | $(35,362) | | **Net cash provided by financing activities** | $387,303 | | **Net increase in cash** | $410,107 | | **Cash at end of period** | $925,158 | [Non-GAAP Reconciliations](index=10&type=section&id=Non-GAAP%20Reconciliations) Q1 FY2026 non-GAAP reconciliations show adjusted operating income of $24.4 million, adjusted net income of $8.6 million, and adjusted diluted EPS of $0.02, primarily excluding restructuring charges - Currency-neutral net revenue declined **4.4%** in Q1, slightly worse than the GAAP decline of 4.2%, indicating a small positive impact from foreign exchange[28](index=28&type=chunk) Q1 FY2026 GAAP to Non-GAAP Reconciliation | Metric | GAAP | Adjustments | Non-GAAP (Adjusted) | | :--- | :--- | :--- | :--- | | **Operating Income** | $3.3M | +$21.1M | $24.4M | | **Net Income (Loss)** | ($2.6M) | +$11.2M | $8.6M | | **Diluted EPS** | ($0.01) | +$0.03 | $0.02 | Q2 FY2026 Outlook GAAP to Non-GAAP Reconciliation | Metric | GAAP Outlook | Adjustments | Non-GAAP Outlook | | :--- | :--- | :--- | :--- | | **Operating Income** | ($10M) - $0M | +$40M | $30M - $40M | | **Diluted EPS** | ($0.08) - ($0.07) | +$0.09 | $0.01 - $0.02 | [Company-Owned & Operated Door Count](index=14&type=section&id=Company-Owned%20%26%20Operated%20Door%20Count) As of June 30, 2025, Under Armour operated 442 stores globally, a net increase of one, with North American stores decreasing and international stores increasing Store Count as of June 30 | Region | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **North America** | 195 | 200 | -5 | | **International** | 247 | 241 | +6 | | **Total Doors** | **442** | **441** | **+1** |

作为合作的重要内容，今年夏天，由AUBL选拔出的球员将前往重庆，与四届NBA总冠军斯蒂芬· 库里会面，并将在由库里品牌与安德玛联袂举办的表演赛上崭露头角。 安德玛首席执行官Kevin Plank表示，"AUBL不仅是一个联赛，更是一场与安德玛品牌使命——'让 你变得更强'同频共振的革新，期待能在未来共同创造无限可能。" "安德玛一直致力于提升亚洲篮球生态系统，并对此投入颇丰，"安德玛亚太区营销副总裁兼中国及 韩国区总经理Simon Pestridge表示，"亚洲高校篮球呈现出了爆发式的增长潜力，AUBL为培育这一新兴 市场提供了绝佳的平台。很高兴我们能在联赛成立之初以官方高性能运动装备及比赛用球合作伙伴的身 份参与其中。" AUBL首席执行官李锦天表示，此次合作将极大地帮助AUBL进一步在亚洲构建真正的大学体育文 化，并扩大联赛在全球篮球受众面前的影响力。 亚洲大学生篮球联赛（AUBL）近期宣布与安德玛达成战略合作，后者正式成为联赛官方高性能运 动装备及比赛用球合作伙伴。 AUBL首次赛事将于8月18日-24日在杭州开赛，届时亚洲12支男子大学篮球队将展开角逐。作为官 方合作伙伴，安德玛不仅将为所有参赛球队提 ...

Core Insights - Under Armour is launching the 2025 CURRY brand Asian tour themed "Opening a Big Scene" [1] - The tour will be led by CURRY brand president and NBA star Stephen Curry along with signed player De'Aaron Fox [1] - The CURRY CON sports gathering and CURRY CAMP training camp will debut in China in August [1] Company Overview - CURRY brand is a collaboration between Under Armour and Stephen Curry aimed at providing equal sports opportunities for youth globally [1] - The brand focuses on offering effective solutions for under-resourced youth sports communities, including professional sports gear, advanced coaching concepts, and safe sports venues [1] - CURRY brand features multiple product lines, including basketball and golf, covering sports apparel, footwear, and related equipment [1]

Core Viewpoint - The collaboration between sports brands and fashion designers has become increasingly common, but the market is nearing saturation, leading to consumer fatigue and challenges in maintaining brand identity [1][5][13] Group 1: Collaboration Trends - Sports brands have increasingly partnered with fashion and luxury brands to reach younger consumers and inject new design inspiration [1][4] - The initial collaborations, such as Nike with Sacai in 2015, were well-received and showcased innovative designs that blended fashion with sports [2][4] - The pandemic and the rise of athleisure have prompted sports brands to further penetrate the fashion industry, seeking to attract a broader consumer base [4][6] Group 2: Challenges in Collaboration - As collaborations proliferate, issues of product homogeneity arise, with many joint products lacking a true sports essence [5][6] - Fashion brands often dominate the design process, which can lead to sports brands being perceived as secondary players in these partnerships [7][8] Group 3: Emotional Connection and Storytelling - Emotional value and storytelling behind sports products are crucial for engaging consumers, as seen in Puma's collaboration for special edition jerseys that reflect team histories [8][11] - The design of these jerseys not only caters to fans but also appeals to fashion-conscious consumers, differentiating them from typical logo-heavy collaborations [11] Group 4: Future Outlook - The global sports leisure market is projected to reach $540 billion by 2027, indicating a significant opportunity for brands [13] - To stand out in a crowded market, sports brands must assert control over product design and leverage cultural narratives and emotional connections [13] - Successful future collaborations will hinge on effectively conveying the spirit of sports and the stories behind products, achieving a synergistic effect [13]

Core Viewpoint - The Beijing Consumer Association conducted a comparative test on children's clothing, revealing that approximately 14.1% of the 78 samples tested were found to be non-compliant with safety standards [2] Group 1: Test Results - A total of 78 samples from various brands, including FILA, LEE, and Jordan, were tested, with 11 samples from brands like ZARA and Dickies identified as problematic [5] - Four samples were noted for non-compliance in product usage instructions, including discrepancies in durability labels and missing safety category numbers [8] - Issues related to fiber content were highlighted, with certain products exceeding allowable deviation limits and lacking proper labeling, potentially misleading consumers and posing health risks [8] Group 2: Safety Concerns - Specific products, such as those from JELLYBABY and GMIFAMILY, were found to have safety hazards due to improper cord lengths and protruding cords, which could directly endanger children [8] - Color fastness issues were also reported, with nine samples failing to meet standards for wet rubbing fastness, raising concerns about potential health risks from dye absorption through the skin [9] Group 3: Regulatory Standards - The comparative test was conducted based on multiple standards, including GB 31701-2015 and GB/T 5296.4-2012, which outline safety technical requirements and labeling for children's textile products [9]

Revenue Breakdown - In Fiscal 2025, net revenues from apparel, footwear, and accessories represented 67%, 23%, and 8% of total revenues, respectively, with licensing arrangements contributing 2%[22]. - North America accounted for approximately 60% of net revenues, with U.S. sales reaching $2.8 billion in Fiscal 2025[39][40]. - Direct-to-consumer sales comprised 40% of net revenues, while wholesale sales accounted for 58% in Fiscal 2025[36]. - In Fiscal 2025, sales through the wholesale channel represented approximately 58% of the company's net revenues[96]. - Total net revenues for Fiscal 2025 decreased by 9.4% to $5,164.3 million compared to $5,701.9 million in Fiscal 2024[190]. - Total net revenues decreased by $537.6 million, or 9.4%, to $5.2 billion during Fiscal 2025 from $5.7 billion in Fiscal 2024[196]. - Net sales decreased by $509.9 million, or 9.1%, to $5.1 billion during Fiscal 2025, primarily due to lower unit sales in apparel and footwear[198]. - License revenues decreased by $16.7 million, or 15.0%, to $94.6 million during Fiscal 2025, mainly due to lower revenues from North American licensing partners[199]. Manufacturing and Sourcing - The top five suppliers provided approximately 38% of the fabric used in apparel and accessories, primarily sourced from Taiwan, China, Malaysia, and Vietnam[51]. - In Fiscal 2025, 67% of apparel and accessories were manufactured in Jordan, Vietnam, Cambodia, and Indonesia, with ten manufacturers producing 69% of these products[52]. - The company is exploring ways to diversify sourcing in response to global trade policy changes[52]. - The company evaluates all manufacturers for quality systems, social compliance, and financial strength before selection and on an ongoing basis[53]. - The company generated approximately 69% of its apparel and accessories products from ten manufacturers in Fiscal 2025, with nine manufacturers producing nearly all footwear products[109]. Digital Strategy and Consumer Engagement - The company aims to enhance consumer engagement through a digital strategy that includes multiple digital touchpoints[19]. - The company is investing significantly in enhancing digital shopping capabilities and consumer loyalty programs to adapt to evolving consumer preferences[101]. Marketing and Brand Strategy - The marketing strategy focuses on high-performing athletes and teams, leveraging sponsorships and grassroots events to drive brand awareness[31][30]. - The company owns major trademarks, including UA Logo® and UNDER ARMOUR®, and actively protects its intellectual property[56][57]. - The competitive landscape includes major brands like NIKE, adidas, and PUMA, with challenges from both global and regional competitors[59][60]. Financial Performance and Challenges - Net income for Fiscal 2025 was a loss of $201.27 million, compared to a net income of $232.04 million in Fiscal 2024[195]. - The company incurred restructuring charges of $57.97 million in Fiscal 2025, with total estimated charges expected to be between $140 million and $160 million[187][188]. - Selling, general and administrative expenses increased by 8.4% to $2,601.99 million[190]. - The company faces significant pricing pressure due to intense competition, which may negatively impact margins and profitability[91]. - Fluctuations in raw material costs and supply chain disruptions can adversely affect the company's profit margins and financial results[93]. - The company must successfully execute its long-term strategies, including expanding its direct-to-consumer business and enhancing digital offerings, to achieve growth objectives[99]. - A decline in sales to key customers could result in a material loss of net revenues, negatively impacting growth prospects[102]. Operational Efficiency and Management - Inventory management is crucial, with a focus on improving efficiency and reducing lead times to meet consumer demand[54]. - The company is executing a restructuring plan aimed at improving financial and operational efficiencies, but may not fully realize the expected benefits, potentially impacting profitability[127]. - The company has faced significant changes in its executive management team, which could disrupt operations and affect business goals[125]. - The company relies heavily on information technology, and any failure or interruption could harm its operational effectiveness[121]. - The company experienced operational disruptions due to cyberattacks, which could lead to delays in product fulfillment and reduced operational efficiency[122]. Sustainability and Compliance - The sustainability strategy aims to drive performance through sustainable innovations across product, home field, and team pillars[62]. - Climate change and increased regulatory focus on sustainability may adversely affect the company's brand, product sales, and operational results[117]. - Legal and regulatory compliance is critical, as failure to adhere to laws could lead to significant penalties and reputational damage[135]. Workforce and Culture - The workforce consists of approximately 14,400 teammates, with about 6,500 being full-time employees[64]. - The company emphasizes a culture of engagement and ethical practices, supported by various training and development programs[65][66]. - Total rewards strategy includes competitive pay and benefits, with a focus on pay equity and performance-based compensation[68][69]. - The company is committed to enhancing its leadership capabilities through mentoring and training programs[67]. Cash Flow and Financial Position - As of March 31, 2025, the company's cash and cash equivalents totaled $501 million, indicating a need for additional capital to manage and grow the business[130]. - The company anticipates no cash dividends will be declared or paid in the foreseeable future[175]. - The company is actively monitoring macroeconomic factors, including inflation and global trade policies, which may materially impact results in Fiscal 2026[192][193]. Risks and Vulnerabilities - The company relies heavily on consumer discretionary spending, which can decline during economic downturns, impacting sales and growth expectations[82]. - The company has limited brand recognition and operational experience in certain international markets, which may hinder its growth strategy and operational efficiency[105]. - The company relies on a limited number of distribution facilities, making it vulnerable to disruptions from natural disasters or operational difficulties[120]. - The company has experienced challenges with maintaining quality control standards, risking loss of net revenues and brand reputation[113]. - The company has historically provided supply chain finance support, but disruptions in financial markets could impact cash flow and liquidity for its partners[111].

Core Viewpoint - Under Armour, Inc. (NYSE: UAA) is at a critical juncture where its stock performance could vary significantly based on investor sentiment and market conditions [1]. Company Analysis - The investment thesis emphasizes a blend of value investing principles and a focus on long-term growth potential, suggesting that Under Armour may be undervalued [1]. - The strategy involves purchasing quality companies at a discount to their intrinsic value and holding them for long-term gains, which aligns with the company's growth trajectory [1].

安德玛的业绩还在下滑。5月14日，安德玛发布2025财年业绩报告显示，公司营收下降9%至52亿美元，净亏损为2.01亿美元。其中，第四财季，安德玛营收 同比下降11%至12亿美元，净亏损为6700万美元。 此前安德玛相关人士在接受北京商报记者采访时也透露："未来安德玛在营销方面计划在亚太地区投入更多资金进行品牌推广。"凯文·普兰克更是多次强调 中国市场的重要性及其蕴藏的巨大机遇。"中国贡献了亚太地区约一半的营收，且这一比例将随着业务的增长持续提升。"安德玛方面对外表示。 在时尚产业独立分析师、上海良栖品牌管理有限公司创始人程伟雄看来，重置计划对于安德玛而言是有必要的。安德玛在运动专业和功能性等方面存在一定 的缺失，再加上安德玛在国内主要做分销体系，线下渠道受到较大冲击发展情况不佳，安德玛的发展需要作出改变。 ■ u COLLECTI 行业物贴 UAG STE 北京商报记者从接近安德玛知情人士处获悉，安德玛管理层对于启动重组计划这一年的表现给予了肯定，并用"尽管业绩仍不理想，但超出了华尔街的预 期"来形容这一年的业绩表现。 安德玛总裁兼首席执行官凯文·普兰克表示，"四季度的业绩助力我们实现了优于去年预期的202 ...