Under Armour tops $1 billion as third quarter revenues rise 42%

Under Armour grew third quarter revenues 42 per cent to $466 million, taking the brand’s net revenues past the billion dollar mark during the first nine months of 2011.

“We surpassed a billion dollars in net revenues last year and the brand has already topped that milestone this year through the first three quarters,” says Kevin Plank, chairman, CEO and president of Under Armour.

“Our product engines are as strong as ever, as demonstrated by consecutive quarters of 40 per cent-plus growth for the first time since 2007.

“We successfully launched Storm Fleece during the quarter, our cold weather charged cotton product. We also elevated our footwear message while continuing to enhance our global distribution network.

“Our strong sales and the early acceptance of new products such as Storm Fleece and our Charge RC footwear give us confidence that the consumer continues to vote for our brand.”

Other third quarter highlights include:
• Apparel revenues increased 31 per cent to $363 million.
• Footwear revenues doubled to $52 million.
• Accessories revenues increased 211 per cent to $40 million.
• Gross margin was 48.4 per cent, compared with 50.9 per cent in the third quarter of 2010.

Adds Plank: “Our brand continues to evolve and reach a broader range of customers and we believe we are still scratching the surface of the brand’s global potential.

“As we focus on that potential we will measure our success with an equal focus on driving topline with areas that will drive enhanced profitability and returns through improved management of our overall gross margin and inventory.

“We will continue to invest in the talent and resources needed to ensure this balanced approach.”

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