Under Armour expects to break $3 billion annual revenue barrier after strong third quarter

Net revenues for the third quarter ended September 30 increased 30 per cent to $938 million (approximately £585 million) year on year, while net income rose 22 per cent to $89 million (£55 million).

The financial results for the period were broken down as follows:

• Apparel revenues increased 26 per cent to $705 million (£440 million).

• Footwear revenues jumped 50 per cent to $122 million (£76 million).

• Accessories revenues rose 32 per cent to $85 million (£53 million).

Under Armour says full-year net revenues are forecast to rise 30 per cent on 2013 to approximately $3.03 billion (£1.87 billion).

Operating income for 2014 should be around $348 million (£217 million), 31 per cent up on last year.

“Our plans of crossing $3 billion in net revenues and achieving 30 per cent growth this year represent significant milestones for the brand, but we believe we are just getting started,” Kevin Plank, chairman and CEO of Under Armour, says.

“We are delivering consistent top line results, while making the right investments to support both the near and long-term opportunities of the brand.

“This includes investments to build world class design and innovation capabilities for all of our products, accelerate our international footprint and expand our 30 million users under our Connected Fitness platform.

“We are proud of what we have built and continue to see ourselves as a much larger brand than the $3 billion in revenues we are projecting for 2014.”

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