Marketing

Under Armour earnings reflect 'solid progress'

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August 3, 2021

Under Armour is pleased with its second quarter 2021 financial results and said the earnings reflect "solid progress" for both 2020 and 2019.

Revenue for the retailer was up 91%, hitting $1.4 billion, compared to 2020, with operating income at $121 million and net income of $59 million, according to a press release.

"Given the continued momentum, we're raising our full-year outlook, which puts us on track to achieving a solid performance in 2021," Under Armour President and CEO Patrik Frisk said in the release. "With the critical mass of our transformation behind us and the continued improvements across product, marketing and our financial results, I believe this year sets a robust foundation that positions us well for our next chapter of profitable growth."

North America revenue increased 101% to $905 million and international revenue increased 100 % to $446 million. Apparel revenue increased 105% to $874 million. Footwear revenue increased 85% to $343 million. Accessories revenue increased 99% to $112 million.

Key points related to full-year 2021 outlook include:

• Revenue is expected to be up at a low twenties percentage rate compared to the previous expectation of a high-teens percentage rate increase, reflecting a low twenties percentage growth rate in North America and a mid-thirties percentage growth rate in the international business.
• Operating income is expected to reach $215 million to $225 million compared to the previous range of $105 million to $115 million.