Under Armour revenues rise 27% to £4.2 million in 2021
Under Armour has released its financial results for the fiscal year ending 31 December 2021, revealing a 27% year-on-year increase in revenue to £4.2 million ($5.7 billion).
The company reported wholesale revenue increased 36% to £2.3 billion ($3.2 billion) and direct-to-consumer revenue went up 26% to £1.7 billion ($2.3 billion), driven by strong performance in UA's owned and operated stores. It also reported a 4% increase in ecommerce, which represented 39% of the total direct-to-consumer business in 2021.
Revenue in North America revenue increased 29% to ($3.8 billion) and international revenue rose by 34% to ($1.9 billion). Within the international business, revenue increased 41% in EMEA.
Apparel revenue increased 33% to £2.8 million ($3.8 billion), footwear 35% to £962 million ($1.3 billion) and accessories increased 12% to £341 million ($462 million).
Net income totalled £266 million ($360 million), with adjusted net income at £293 million ($397 million). Under Armour has announced it will change its fiscal year from December 31 to March 31, releasing its outlook for the transition quarter ending 31 March 2022.
The company expects revenue to increase at a mid-single-digit rate compared to the previous expectation of a low single-digit rate increase. Operating income is also expected to reach approximately £22 million ($30 million) to £25 million ($35 million).
Patrik Frisk, President and CEO at Under Armour, said: ""By staying hyper-focused on operational excellence and serving the needs of athletes, we were able to deliver record revenue and earnings results for the full year.
"As we navigate ongoing uncertainty in the marketplace, we remain focused on delivering industry-leading innovations, premium experiences and empowering those who strive for more. Going forward, I am confident that we are running a stronger company – one that is able to deliver sustainable, profitable growth and value creation for our shareholders over the long term."