纺织服装行业全球观察之安德玛：FY2026Q3：泛欧洲和拉美地区销售回暖，营收指引略有上调

Investment Rating - The report assigns a "Buy" rating for the textile and apparel industry, indicating an expectation that stock performance will exceed the market by more than 10% over the next 12 months [43]. Core Insights - Under Armour reported FY2026 Q3 results with revenue of $1.328 billion, a year-on-year decline of 4.7%. For FY2026 Q1-3, revenue was $3.795 billion, also down 4.7% year-on-year [4]. - The net profit attributable to the parent company for FY2026 Q3 was -$431 million, compared to a profit of $1 million in the same period last year. For FY2026 Q1-3, the net profit was -$452 million, worsening from -$134 million year-on-year [4]. - The gross margin for FY2026 Q3 was 44.4%, down 3.1 percentage points year-on-year, while for FY2026 Q1-3, it was 46.6%, down 1.8 percentage points year-on-year [4]. - Selling, General and Administrative (SG&A) expense ratio for FY2026 Q3 was 50.1%, up 4.5 percentage points year-on-year, while for FY2026 Q1-3, it was 46.8%, down 3.3 percentage points year-on-year [4]. Summary by Region - North America: FY2026 Q3 revenue was $757 million, a decline of 10% year-on-year [4]. - Europe, Middle East, and Africa (EMEA): FY2026 Q3 revenue was $577 million, an increase of 3% year-on-year [4]. - Asia-Pacific: FY2026 Q3 revenue declined by 5% year-on-year [4]. - Latin America: FY2026 Q3 revenue increased by 20% year-on-year [4]. Summary by Channel - Wholesale channel: FY2026 Q3 revenue was $660 million, down 6% year-on-year [4]. - Direct-to-consumer channel: FY2026 Q3 revenue was $647 million, down 4% year-on-year [4]. - Franchise channel: FY2026 Q3 revenue declined by 2% year-on-year [4]. Summary by Product - Apparel: FY2026 Q3 revenue was $934 million, down 3% year-on-year [4]. - Footwear: FY2026 Q3 revenue was $265 million, down 12% year-on-year [4]. - Accessories: FY2026 Q3 revenue was $108 million, down 3% year-on-year [4]. Inventory and Cash Situation - As of the end of the quarter, inventory increased to $1.075 billion, a decrease of 2% year-on-year [4]. Performance Outlook - The company expects FY2026 revenue to decline approximately 4% year-on-year, with previous guidance indicating a decline of 4% to 5%. North America is expected to decline by 8%, Asia-Pacific by 6%, and EMEA is projected to grow by 9% [4]. - The company anticipates a gross margin decline of approximately 190 basis points for FY2026, with previous guidance indicating a decline of 190 to 210 basis points [4]. - The expected operating loss for FY2026 is approximately $154 million, with previous guidance indicating a loss of $56 million to $71 million [4]. - The expected diluted loss per share for FY2026 is projected to be between $1.24 and $1.25, with previous guidance indicating a loss of $0.15 to $0.17 [4].