Under Armour EMEA revenues up 18% in first three months of 2022
Sportswear brand Under Armour has announced unaudited financial results for its latest quarter, ending 31 March 2022, showing EMEA revenue increased by 18% to £186 million.
As announced in February 2021, the company has changed its fiscal year from 31 December to 31 March. Following the transition quarter between 1 January and 31 March, Under Armour's fiscal year 2023 will run from 1 April 2022 to 31 March 2023.
Results:
- Revenue increased 3% to £1.06 billion against 2021
- Apparel revenue up 8% to £714 million
- Footwear revenue down 4% to £242 million
- Accessories revenue down 18% to £79 million
- Revenue in the EMEA region increased 18% to £186 million against 2021
- DTC revenue increased 1% to £359 million
- 2% growth in eCommerce whilst owned and operated store revenue growth was flat
Patrik Frisk, President and CEO at Under Armour said: "Having successfully executed a multi-year transformation and after delivering a record year in 2021 – we are continuing to serve the needs of athletes amid an increasingly more uncertain marketplace.
"As global supply challenges and emergent COVID-19 impacts in China eventually normalise, we are confident that the strength of the Under Armour brand coupled with our powerful growth strategy positions us well to deliver sustainable, profitable returns to shareholders over the long-term."
The brand said that considering ongoing supply chain challenges, COVID-19 uncertainty, and inflationary trends, it had adjusted its 2023 revenue expectations to include three percentage points of "headwinds". These related to "strategic decision to work with our vendors and customers to cancel orders affected by capacity issues, supply chain delays, and emergent COVID-19 impacts in China."
Fiscal 2023 outlook:
- Revenue expected to increase 5% to 7%
- Low-teens growth rate in the international business
