Under Armour clothing is seen for sale in a store in Manhattan, New York City, February 7, 2022.Under Armour announced a broad restructuring plan on Thursday as it said sales in its largest market, North America, plunged 10% and predicted the trend will get worse throughout its current fiscal year. The athletic apparel retailer also saw profits plunge by more than 96% during its fourth fiscal quarter, compared with the year ago period. It's unclear how many employees Under Armour will lay off as part of the ...

Revenue Performance - Revenue for Q4 fiscal 2024 decreased by 5% to $1.3 billion, with North America revenue down 10% to $772 million and international revenue up 7% to $561 million[4] - Full-year fiscal 2024 revenue decreased by 3% to $5.7 billion, with North America revenue down 8% to $3.5 billion and international revenue up 8% to $2.2 billion[5] - Net revenues for Q1 2024 decreased by 4.7% to $1,332.2 million compared to $1,398.6 million in Q1 2023[18][20] - North America net revenues declined by 10.4% to $771.9 million in Q1 2024[20] - EMEA net revenues increased by 9.5% to $284.1 million in Q1 2024[20] - Latin America net revenues increased by 20.2% to $50.2 million in Q1 2024[20] - Total net revenue declined by 3.4% on a GAAP basis and 3.6% on a currency-neutral basis for the year ended March 31, 2024[31] - North America net revenue declined by 8.3% on a GAAP basis and 8.0% on a currency-neutral basis for the year ended March 31, 2024[31] - EMEA net revenue grew by 9.0% on a GAAP basis and 5.7% on a currency-neutral basis for the year ended March 31, 2024[31] - Asia-Pacific net revenue grew by 5.8% on a GAAP basis and 9.3% on a currency-neutral basis for the year ended March 31, 2024[31] - Net revenues for Fiscal 2024 were $5,701.879 million, a decrease of 3.4% compared to Fiscal 2023's $5,903.165 million[41][42] Gross Margin and Profitability - Gross margin for Q4 fiscal 2024 increased by 170 basis points to 45.0%, driven by lower product and freight costs[4] - Full-year fiscal 2024 gross margin increased by 130 basis points to 46.1%, primarily due to lower freight and product costs[5] - Gross profit margin improved to 45.0% in Q1 2024 from 43.3% in Q1 2023[18] - Gross profit for Fiscal 2024 was $2,630.253 million, representing 46.1% of net revenues, compared to 44.8% in Fiscal 2023[41][42] - Fiscal 2025 gross margin is expected to increase by 75-100 basis points, driven by reduced promotional activities and product costing benefits[8] Operating Income and Expenses - Fiscal 2025 operating income is expected to be $50-70 million, with adjusted operating income expected to be $130-150 million[8] - Operating income (loss) was $(3.6) million in Q1 2024 compared to $29.6 million in Q1 2023[24] - Asia-Pacific operating income margin improved to 14.8% in Q1 2024 from 10.4% in Q1 2023[24] - Income from operations for Fiscal 2024 was $229.751 million, a decrease of 12.8% from Fiscal 2023's $263.586 million[41][42] - The company expects GAAP income from operations to be between $50 million and $70 million for the year ending March 31, 2025[38] - Selling, general and administrative expenses for Fiscal 2024 were $2,400.502 million, representing 42.1% of net revenues, compared to 40.3% in Fiscal 2023[41][42] Earnings and Share Repurchase - Fiscal 2025 diluted earnings per share is expected to be between $0.02 and $0.05, with adjusted diluted earnings per share expected to be between $0.18 and $0.21[8] - Adjusted diluted net income per share is expected to be between $0.18 and $0.21 for the year ending March 31, 2025[39] - The company announced a new $500 million share repurchase program[9] Restructuring and Charges - Fiscal 2025 restructuring plan includes estimated pre-tax charges of $70-90 million, with up to $50 million in cash-related charges and up to $40 million in non-cash charges[6] Regional Performance - North America total doors increased by 6 to 200 in March 2024, with Factory House doors increasing by 7 to 183 and Brand House doors decreasing by 1 to 17[43] - International total doors decreased by 5 to 240 in March 2024, with Factory House doors increasing by 8 to 173 and Brand House doors decreasing by 13 to 67[43] - Total doors increased by 1 to 440 in March 2024, with Factory House doors increasing by 15 to 356 and Brand House doors decreasing by 14 to 84[43] Cash Flow and Assets - Cash and cash equivalents increased by 20.8% from $710,929 thousand in 2023 to $858,691 thousand in 2024[26] - Net cash provided by operating activities improved significantly from a negative $39,886 thousand in 2023 to a positive $353,970 thousand in 2024[29] - Total assets decreased by 1.4% from $4,827,553 thousand in 2023 to $4,760,734 thousand in 2024[26] Net Income and Cost of Goods Sold - Net income decreased by 38.0% from $374,459 thousand in 2023 to $232,042 thousand in 2024[29] - Cost of goods sold for Fiscal 2024 was $3,071.626 million, representing 53.9% of net revenues, compared to 55.2% in Fiscal 2023[41][42] Product Sales Performance - Direct-to-consumer net revenues grew by 0.2% to $454.7 million in Q1 2024[21] - Apparel net sales decreased by 1.3% to $877.3 million in Q1 2024[22] - Footwear net sales declined by 10.6% to $337.7 million in Q1 2024[22]

Company Also Announced a New $500 Million Share Repurchase Program BALTIMORE, May 16, 2024 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) announced unaudited financial results for its fourth quarter and full-year fiscal 2024, which ended March 31, 2024. The company reports its financial performance following accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures descr ...

Pedestrians pass an UnderArmour store in Shanghai, China, October 7, 2023. (Photo by ... [+] Costfoto/NurPhoto via Getty Images)NurPhoto via Getty Images Note: Under Armour’s Under Armour FY’24 ended on March 31, 2024.Under Armour (NYSE: UA), a sports equipment company that manufactures footwear, sports, and casual apparel, is scheduled to report its fiscal fourth-quarter results on Thursday, May 16. We expect Under Armour stock to trade higher post-fiscal Q4 2024 results with revenues and earnings likely b ...

BALTIMORE, May 2, 2024 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) plans to release its fourth quarter and full-year fiscal 2024 (ended March 31, 2024) results on May 16, 2024. Following the news release at 6:55 a.m. Eastern Time (ET), Under Armour management will host a conference call at approximately 8:30 a.m. ET to review results. This call will be webcast live and archived at https://about.underarmour.com/investor-relations/financials. About Under Armour, Inc. Under Armour, Inc., headquartered i ...

Key TakeawaysSo-called "boomerang CEOs" are executives who return to lead a company for a second time after previously stepping down (or being fired) from the role.Companies may choose to bring back prior CEOs during times of crisis or when they want to eliminate onboarding time with a leader well aware of the firm.Some examples of successful boomerang CEOs have included Steve Jobs of Apple and Howard Schultz of Starbucks, both of whom helped to rescue their companies from poor performance.A 2020 study by M ...

Curry Brand Signs University of South Carolina Guard as its First Collegiate Athlete BALTIMORE, March 15, 2024 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) announced today that it has signed University of South Carolina guard MiLaysia Fulwiley to a multi-year NIL (name, image, and likeness) partnership with Curry Brand. As the first collegiate athlete to sign with Curry Brand at an Under Armour school, Fulwiley will wear Curry Brand footwear on the court throughout the remainder of her college career ...

The interior of an Under Armour store is seen on November 03, 2021 in Houston, Texas.Wall Street is not pleased that Under Armour's founder Kevin Plank is returning as its CEO. Shares of the athletic apparel company plunged about 12% on Thursday after the retailer announced late Wednesday that CEO Stephanie Linnartz would be stepping down after barely a year on the job and Plank would replace her on April 1. Following the announcement, both Williams Trading and Evercore ISI downgraded Under Armour and lower ...

Founder Kevin Plank is back at the helm at Under Armour (UA -11.38%) (UAA -12.98%), and investors aren't quite sure what to make of the development. Shares of the athletic apparel brand are down 11% as of 10:45 a.m. ET following news of the surprise CEO change.A quick hook for the company's current CEOPlank founded Under Armour in 1996 and led the company through most of its growth before stepping down four years ago. He will replace Stephanie Linnartz, who joined about a year ago after spending 30 years at ...

Kevin Plank will return as Under Armour's CEO on April 1, but UAA is lower in responseUnder Armour Inc (NYSE: UAA) stock was last seen down 12% to trade at $7.12, following news that founder Kevin Plank will return as CEO on April 1 to replace Stephanie Linnartz. Plank has been serving as the apparel retailer's executive chair and brand chief since 2020.Today's bear gap is pacing to be the stock's worst single-session drawdown since a May 2022 post-earnings selloff of 23.8%. The shares are trading at their ...