Revenues at Under Armour increased 38 per cent to $1.473 billion during 2011, the company’s highest overall growth rate since 2007.
“Our apparel business surpassed the $1 billion mark and we demonstrated our ability to broaden the addressable market for the brand with the introduction of our premium cotton platform,” says Kevin Plank, chairman, CEO and president of Under Armour.
“The strength we continue to see in our apparel and direct-to-consumer businesses affords us the ability to continue to make strategic investments in other long-term growth drivers like footwear and international.”
Net revenues increased 34 per cent in the fourth quarter of 2011 to $403 million.
Other Q4 highlights include:
• Net income increased 42 per cent to $33 million.
• Apparel revenues rose 27 per cent to $323 million.
• Footwear revenues went up 43 per cent to $31 million.
• Accessories revenues rocketed 149 per cent to $37 million.
• Gross margin was 51.6 per cent, compared to 51.7 per cent in Q4 2010.
“With the credibility we have built with our consumers, we upheld our premium positioning in the marketplace in 2011 by delivering compelling innovation through programmes like Charged Cotton and our Charge RC running shoes,” says Plank.
“We remain focused on long-term profitable growth. This means continuing to target distribution where our consumer is looking for us and that is appropriate for our brand. It also means balancing new, relevant innovation stories such as our ColdBlack apparel technology with reinvigorated product in our heritage baselayer programmes.
“Finally, the operational discipline we continue to add across our organisation will help maximise these drivers to our bottom line.”
