BALTIMORE, Nov. 8, 2023
/PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) announced
unaudited financial results for its second quarter fiscal 2024,
which ended September 30, 2023.
The company reports its financial performance following accounting
principles generally accepted in the
United States of America ("GAAP"). This press release refers
to "currency neutral" amounts, which are non-GAAP financial
measures described below under the "Non-GAAP Financial Information"
paragraph.
"Our second quarter results, particularly profitability,
exceeded our expectations," said Under Armour President and CEO
Stephanie Linnartz. "Consequently,
we are maintaining our fiscal 2024 operating income and EPS outlook
even as we lower our revenue expectations primarily in response to
challenges in North America during
the back half of the year."
Linnartz continued, "As we execute against our strategic
priorities, we will continue to take a balanced approach to driving
profitability in the near term while taking the necessary steps to
invest in the talent, systems, and processes to drive the top line
growth that Under Armour is capable of over the long term."
Second Quarter Fiscal 2024 Review
- Revenue was flat versus the prior year at $1.6 billion (down 1 percent currency neutral).
- Wholesale revenue decreased 1 percent to $940 million, and direct-to-consumer revenue
increased 3 percent to $596 million
due to a 2 percent increase in eCommerce revenue, which represented
35 percent of the total direct-to-consumer business in the quarter,
and a 4 percent increase in owned and operated store revenue.
- North America revenue
decreased 2 percent to $991 million,
and international revenue increased 5 percent to $573 million (up 3 percent currency neutral). In
the international business, revenue increased 9 percent in EMEA (up
4 percent currency neutral) and 3 percent in Asia-Pacific (up 7 percent currency neutral).
Revenue declined 8 percent in Latin
America (down 19 percent currency neutral).
- Apparel revenue increased 3 percent to $1.1 billion. Footwear revenue was down 7 percent
to $351 million. Accessories revenue
increased 3 percent to $114
million.
- Gross margin increased 260 basis points to 48.0 percent,
driven primarily by supply chain benefits related to lower freight
expenses, partially offset by a channel mix impact related to a
normalization of off-price sales.
- Selling, general & administrative expenses increased
2 percent to $606 million.
- Operating income was $146
million.
- Net Income was $110
million.
- Diluted earnings per share was $0.24.
- Inventory was up 6 percent to $1.1 billion.
- Cash and Cash Equivalents were $656 million at the end of the quarter, and no
borrowings were outstanding under the company's $1.1 billion revolving credit facility.
Share Buyback Update
Under Armour repurchased $50
million of its Class C common stock during the second
quarter, reflecting 7.6 million shares retired. As of September 30, 2023, 42.5 million shares for
$475 million had been repurchased
under its two-year, $500 million
program, which the Board of Directors approved in February 2022.
Fiscal 2024 Outlook
Key points related to Under Armour's fiscal year 2024 outlook
include:
- Revenue is expected to be down 2 to 4 percent versus the
previous expectation of "flat to up slightly."
- Gross margin is expected to be up 100 to 125 basis
points versus the previous expectation of up 25 to 75 basis
points.
- Selling, general & administrative expenses are
expected to be "flat to down slightly" versus the previous
expectation of "flat to up slightly."
- Operating income remains unchanged from the previous
expectation of $310 million to
$330 million.
- Effective tax rate remains unchanged from the previous
expectation of a low twenties percentage range.
- Diluted earnings per share remain unchanged from the
previous expectation of between $0.47
and $0.51.
- Capital expenditures are now expected to reach between
$230 million and $250 million.
Conference Call and Webcast
Under Armour will hold its second quarter fiscal 2024
conference call today at approximately 8:30
a.m. Eastern Time. The call will be webcast live at
https://about.underarmour.com/investor-relations/financials and
will be archived and available for replay about three hours after
the live event.
Non-GAAP Financial Information
This press release refers to "currency-neutral"
results. Management believes this information is helpful to
investors to compare the company's results of operations
period-over-period because it enhances visibility into its actual
underlying results, excluding these impacts. Currency-neutral
financial information is calculated to exclude changes in foreign
currency exchange rates. These supplemental non-GAAP financial
measures should not be considered in isolation. They should be
contemplated in addition to, and not as an alternative to, the
company's reported results prepared per GAAP. Additionally, the
company's non-GAAP financial information may not be comparable to
similarly titled measures reported by other companies.
About Under Armour, Inc.
Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor,
marketer, and distributor of branded athletic performance apparel,
footwear, and accessories. Designed to empower human performance,
Under Armour's innovative products and experiences are engineered
to make athletes better. For further information, please visit
http://about.underarmour.com.
Forward-Looking Statements
Some of the statements contained in this press release
constitute forward-looking statements. Forward-looking statements
relate to expectations, beliefs, projections, plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts, such as statements regarding
our share repurchase program, our future financial condition or
results of operations, our prospects and strategies for future
growth, expectations regarding promotional activities, freight,
product cost pressures, and foreign currency impacts, the impact of
global economic conditions and inflation on our results of
operations, the development and introduction of new products, the
implementation of our marketing and branding strategies, the future
benefits and opportunities from significant investments, and the
impact of litigation or other proceedings. In many cases, you can
identify forward-looking statements by terms such as "may," "will,"
"should," "could," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "outlook," "potential" or the negative of
these terms or other comparable terminology. The forward-looking
statements in this press release reflect our current views about
future events. They are subject to risks, uncertainties,
assumptions, and circumstances that may cause events or our actual
activities or results to differ significantly from those expressed
in any forward-looking statement. Although we believe the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future events, results, actions,
activity levels, performance, or achievements. Readers are
cautioned not to place undue reliance on these forward-looking
statements. A number of important factors could cause actual
results to differ materially from those indicated by these
forward-looking statements, including, but not limited to: changes
in general economic or market conditions, including inflation, that
could affect overall consumer spending in our industry; the
impact of the COVID-19 pandemic on our industry and our business,
financial condition and results of operations, including impacts on
the global supply chain; failure of our suppliers,
manufacturers or logistics providers to produce or deliver our
products in a timely or cost-effective manner; labor or other
disruptions at ports or our suppliers or manufacturers; increased
competition causing us to lose market share or reduce the prices of
our products or to increase our marketing efforts
significantly; fluctuations in the costs of raw materials and
commodities we use in our products and costs related to our supply
chain (including labor); changes to the financial health of our
customers; our ability to successfully execute our long-term
strategies; our ability to effectively develop and launch new,
innovative and updated products; our ability to accurately
forecast consumer shopping and engagement preferences and consumer
demand for our products and manage our inventory in response to
changing demands; loss of key customers, suppliers or
manufacturers; our ability to effectively market and maintain a
positive brand image; our ability to further expand our business
globally and to drive brand awareness and consumer acceptance of
our products in other countries; our ability to manage the
increasingly complex operations of our global business; the
impact of global events beyond our control, including military
conflicts; our ability to successfully manage or realize expected
results from significant transactions and investments; our
ability to effectively meet the expectations of our stakeholders
with respect to environmental, social and governance practices; the
availability, integration and effective operation of information
systems and other technology, as well as any potential interruption
of such systems or technology; any disruptions, delays or
deficiencies in the design, implementation or application of our
global operating and financial reporting information technology
system; our ability to attract key talent and retain the
services of our senior management and other key employees; our
ability to effectively drive operational efficiency in our
business; our ability to access capital and financing required
to manage our business on terms acceptable to us; our ability
to accurately anticipate and respond to seasonal or quarterly
fluctuations in our operating results; risks related to
foreign currency exchange rate fluctuations; our ability to
comply with existing trade and other regulations, and the potential
impact of new trade, tariff and tax regulations on our
profitability; risks related to data security or privacy
breaches; and our potential exposure to litigation and other
proceedings. The forward-looking statements here reflect our
views and assumptions only as of the date of this press release. We
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the statement's date or to
reflect unanticipated events.
|
Under Armour,
Inc.
For the Three and Six
Months Ended September 30, 2023, and 2022
(Unaudited; in
thousands, except per share amounts)
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATION
|
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
in '000s
|
2023
|
|
% of Net
Revenues
|
|
2022
|
|
% of Net
Revenues
|
|
2023
|
|
% of Net
Revenues
|
|
2022
|
|
% of Net
Revenues
|
|
Net revenues
|
$
1,566,710
|
|
100.0 %
|
|
$
1,573,885
|
|
100.0 %
|
|
$
2,883,722
|
|
100.0 %
|
|
$
2,922,942
|
|
100.0 %
|
|
Cost of goods
sold
|
814,715
|
|
52.0 %
|
|
860,051
|
|
54.6 %
|
|
1,523,991
|
|
52.8 %
|
|
1,578,911
|
|
54.0 %
|
|
Gross
profit
|
751,995
|
|
48.0 %
|
|
713,834
|
|
45.4 %
|
|
1,359,731
|
|
47.2 %
|
|
1,344,031
|
|
46.0 %
|
|
Selling, general and
administrative expenses
|
606,236
|
|
38.7 %
|
|
594,424
|
|
37.8 %
|
|
1,193,042
|
|
41.4 %
|
|
1,190,138
|
|
40.7 %
|
|
Income (loss) from
operations
|
145,759
|
|
9.3 %
|
|
119,410
|
|
7.6 %
|
|
166,689
|
|
5.8 %
|
|
153,893
|
|
5.3 %
|
|
Interest income
(expense), net
|
(373)
|
|
— %
|
|
(3,555)
|
|
(0.2) %
|
|
(1,999)
|
|
(0.1) %
|
|
(9,560)
|
|
(0.3) %
|
|
Other income (expense),
net
|
(6,429)
|
|
(0.4) %
|
|
(5,771)
|
|
(0.4) %
|
|
(12,814)
|
|
(0.4) %
|
|
(20,012)
|
|
(0.7) %
|
|
Income (loss) before
income taxes
|
138,957
|
|
8.9 %
|
|
110,084
|
|
7.0 %
|
|
151,876
|
|
5.3 %
|
|
124,321
|
|
4.3 %
|
|
Income tax expense
(benefit)
|
29,494
|
|
1.9 %
|
|
22,251
|
|
1.4 %
|
|
33,465
|
|
1.2 %
|
|
27,908
|
|
1.0 %
|
|
Income (loss) from
equity method investments
|
151
|
|
— %
|
|
(908)
|
|
(0.1) %
|
|
(248)
|
|
— %
|
|
(1,806)
|
|
(0.1) %
|
|
Net income
(loss)
|
$ 109,614
|
|
7.0 %
|
|
$
86,925
|
|
5.5 %
|
|
$ 118,163
|
|
4.1 %
|
|
$
94,607
|
|
3.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share of Class A, B and
C common stock
|
$
0.25
|
|
|
|
$
0.19
|
|
|
|
$
0.27
|
|
|
|
$
0.21
|
|
|
|
Diluted net income
(loss) per share of Class A, B
and C common stock
|
$
0.24
|
|
|
|
$
0.19
|
|
|
|
$
0.26
|
|
|
|
$
0.20
|
|
|
|
Weighted average
common shares outstanding Class A, B and C common
stock
|
|
|
|
|
|
|
|
|
|
Basic
|
443,525
|
|
|
|
454,322
|
|
|
|
444,195
|
|
|
|
456,357
|
|
|
|
Diluted
|
453,715
|
|
|
|
464,141
|
|
|
|
454,107
|
|
|
|
466,143
|
|
|
|
Under Armour,
Inc.
For the Three and Six
Months Ended September 30, 2023, and 2022
(Unaudited; in
thousands)
NET REVENUES BY
PRODUCT CATEGORY
|
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
in '000s
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
|
Apparel
|
$
1,070,437
|
|
$
1,038,268
|
|
3.1 %
|
|
$
1,895,097
|
|
$
1,906,696
|
|
(0.6) %
|
|
Footwear
|
351,202
|
|
375,885
|
|
(6.6) %
|
|
714,872
|
|
723,136
|
|
(1.1) %
|
|
Accessories
|
113,933
|
|
111,117
|
|
2.5 %
|
|
211,795
|
|
207,948
|
|
1.8 %
|
|
Net
Sales
|
1,535,572
|
|
1,525,270
|
|
0.7 %
|
|
2,821,764
|
|
2,837,780
|
|
(0.6) %
|
|
Licensing
revenues
|
28,646
|
|
33,123
|
|
(13.5) %
|
|
53,718
|
|
61,258
|
|
(12.3) %
|
|
Corporate Other
(1)
|
2,492
|
|
15,492
|
|
(83.9) %
|
|
8,240
|
|
23,904
|
|
(65.5) %
|
|
Total net
revenues
|
$
1,566,710
|
|
$
1,573,885
|
|
(0.5) %
|
|
$
2,883,722
|
|
$
2,922,942
|
|
(1.3) %
|
|
|
NET REVENUES BY
DISTRIBUTION CHANNEL
|
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
in '000s
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
|
Wholesale
|
$
939,725
|
|
$
948,154
|
|
(0.9) %
|
|
$
1,681,683
|
|
$
1,739,840
|
|
(3.3) %
|
|
Direct-to-consumer
|
595,847
|
|
577,116
|
|
3.2 %
|
|
1,140,081
|
|
1,097,940
|
|
3.8 %
|
|
Net
Sales
|
1,535,572
|
|
1,525,270
|
|
0.7 %
|
|
2,821,764
|
|
2,837,780
|
|
(0.6) %
|
|
License
revenues
|
28,646
|
|
33,123
|
|
(13.5) %
|
|
53,718
|
|
61,258
|
|
(12.3) %
|
|
Corporate Other
(1)
|
2,492
|
|
15,492
|
|
(83.9) %
|
|
8,240
|
|
23,904
|
|
(65.5) %
|
|
Total net
revenues
|
$
1,566,710
|
|
$
1,573,885
|
|
(0.5) %
|
|
$
2,883,722
|
|
$
2,922,942
|
|
(1.3) %
|
|
|
NET REVENUES BY
SEGMENT
|
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
in '000s
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
|
North
America
|
$
991,393
|
|
$
1,011,823
|
|
(2.0) %
|
|
$
1,818,045
|
|
$
1,921,179
|
|
(5.4) %
|
|
EMEA
|
287,091
|
|
262,679
|
|
9.3 %
|
|
513,732
|
|
467,860
|
|
9.8 %
|
|
Asia-Pacific
|
232,065
|
|
225,729
|
|
2.8 %
|
|
434,297
|
|
402,394
|
|
7.9 %
|
|
Latin
America
|
53,669
|
|
58,162
|
|
(7.7) %
|
|
109,408
|
|
107,605
|
|
1.7 %
|
|
Corporate Other
(1)
|
2,492
|
|
15,492
|
|
(83.9) %
|
|
8,240
|
|
23,904
|
|
(65.5) %
|
|
Total net
revenues
|
$
1,566,710
|
|
$
1,573,885
|
|
(0.5) %
|
|
$
2,883,722
|
|
$
2,922,942
|
|
(1.3) %
|
|
|
(1) Corporate Other
primarily includes net revenues from foreign currency hedge gains
and losses generated by entities within the Company's operating
segments but managed through the Company's central foreign exchange
risk management program, as well as subscription revenues from the
Company's MapMyRun and MapMyRide platforms (collectively "MMR") and
revenue from other digital business opportunities.
|
|
Under Armour,
Inc.
For the Three and Six
Months Ended September 30, 2023, and 2022
(Unaudited; in
thousands)
INCOME (LOSS) FROM
OPERATIONS BY SEGMENT
|
|
|
Three Months Ended
September 30,
|
|
Six Months Ended
September 30,
|
|
in '000s
|
2023
|
% of Net
Revenues (2)
|
|
2022
|
% of Net
Revenues (2)
|
|
2023
|
% of Net
Revenues (2)
|
|
2022
|
% of Net
Revenues (2)
|
|
North
America
|
$
215,457
|
21.7 %
|
|
$
209,206
|
20.7 %
|
|
$
373,508
|
20.5 %
|
|
$
399,130
|
20.8 %
|
|
EMEA
|
40,697
|
14.2 %
|
|
35,895
|
13.7 %
|
|
71,646
|
13.9 %
|
|
54,076
|
11.6 %
|
|
Asia-Pacific
|
54,608
|
23.5 %
|
|
46,134
|
20.4 %
|
|
70,006
|
16.1 %
|
|
66,079
|
16.4 %
|
|
Latin
America
|
13,644
|
25.4 %
|
|
7,177
|
12.3 %
|
|
19,421
|
17.8 %
|
|
13,411
|
12.5 %
|
|
Corporate Other
(1)
|
(178,647)
|
NM
|
|
(179,002)
|
NM
|
|
(367,892)
|
NM
|
|
(378,803)
|
NM
|
|
Income (loss)
from
operations
|
$
145,759
|
9.3 %
|
|
$
119,410
|
7.6 %
|
|
$
166,689
|
5.8 %
|
|
$
153,893
|
5.3 %
|
|
(1) Corporate Other
primarily includes net revenues from foreign currency hedge gains
and losses generated by entities within the Company's operating
segments but managed through the Company's central foreign exchange
risk management program, as well as subscription revenues from the
Company's MapMyRun and MapMyRide platforms (collectively "MMR") and
revenue from other digital business opportunities. Corporate Other
also includes expenses related to the Company's central supporting
functions.
|
|
(2)
The percentage of operating income (loss) is calculated based on
total segment net revenues. The operating income (loss) percentage
for Corporate Other is not presented as a meaningful metric
(NM).
|
|
Under Armour,
Inc.
As of
September 30, 2023, and March 31, 2023
(Unaudited; in
thousands)
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
in '000s
|
|
September 30,
2023
|
|
March 31,
2023
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
655,866
|
|
$
711,910
|
|
Accounts receivable,
net
|
|
805,197
|
|
759,860
|
|
Inventories
|
|
1,143,872
|
|
1,190,253
|
|
Prepaid expenses and
other current assets, net
|
|
266,825
|
|
297,563
|
|
Total current
assets
|
|
2,871,760
|
|
2,959,586
|
|
Property and equipment,
net
|
|
687,804
|
|
672,736
|
|
Operating lease
right-of-use assets
|
|
449,210
|
|
489,306
|
|
Goodwill
|
|
474,443
|
|
481,992
|
|
Intangible assets,
net
|
|
8,129
|
|
8,940
|
|
Deferred income
taxes
|
|
196,932
|
|
186,167
|
|
Other long-term
assets
|
|
58,275
|
|
58,356
|
|
Total
assets
|
|
$
4,746,553
|
|
$
4,857,083
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current maturities of
long-term debt
|
|
$
80,919
|
|
$
—
|
|
Accounts
payable
|
|
542,309
|
|
649,116
|
|
Accrued
expenses
|
|
312,494
|
|
354,643
|
|
Customer refund
liabilities
|
|
149,451
|
|
160,533
|
|
Operating lease
liabilities
|
|
138,610
|
|
140,990
|
|
Other current
liabilities
|
|
59,321
|
|
51,609
|
|
Total current
liabilities
|
|
1,283,104
|
|
1,356,891
|
|
Long-term debt, net of
current maturities
|
|
594,655
|
|
674,478
|
|
Operating lease
liabilities, non-current
|
|
657,551
|
|
705,713
|
|
Other long-term
liabilities
|
|
121,501
|
|
121,598
|
|
Total
liabilities
|
|
2,656,811
|
|
2,858,680
|
|
Total stockholders'
equity
|
|
2,089,742
|
|
1,998,403
|
|
Total liabilities
and stockholders' equity
|
|
$
4,746,553
|
|
$
4,857,083
|
|
Under Armour,
Inc.
For the Six Months
Ended September 30, 2023 and 2022
(Unaudited; in
thousands)
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Six Months Ended
September 30,
|
|
in '000s
|
2023
|
|
2022
|
|
Cash flows from
operating activities
|
|
|
|
|
Net income
(loss)
|
$
118,163
|
|
$
94,607
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities
|
|
|
|
|
Depreciation and
amortization
|
71,177
|
|
68,007
|
|
Unrealized foreign
currency exchange rate (gain) loss
|
21,145
|
|
16,338
|
|
Loss on disposal of
property and equipment
|
696
|
|
1,074
|
|
Amortization of bond
premium and debt issuance costs
|
1,096
|
|
1,096
|
|
Stock-based
compensation
|
23,357
|
|
19,708
|
|
Deferred income
taxes
|
(10,788)
|
|
(2,021)
|
|
Changes in reserves
and allowances
|
18,471
|
|
4,452
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
(52,721)
|
|
(90,331)
|
|
Inventories
|
33,270
|
|
(266,824)
|
|
Prepaid expenses and
other assets
|
(10,934)
|
|
(15,486)
|
|
Other non-current
assets
|
49,659
|
|
(36,932)
|
|
Accounts
payable
|
(120,353)
|
|
167,149
|
|
Accrued expenses and
other liabilities
|
(75,751)
|
|
19,034
|
|
Customer refund
liabilities
|
(11,244)
|
|
(5,475)
|
|
Income taxes payable
and receivable
|
9,000
|
|
23,105
|
|
Net cash provided by
(used in) operating activities
|
64,243
|
|
(2,499)
|
|
Cash flows from
investing activities
|
|
|
|
|
Purchases of property
and equipment
|
(84,144)
|
|
(93,864)
|
|
Earn-out from the sale
of the MyFitnessPal platform
|
45,000
|
|
35,000
|
|
Net cash provided by
(used in) investing activities
|
(39,144)
|
|
(58,864)
|
|
Cash flows from
financing activities
|
|
|
|
|
Common shares
repurchased
|
(50,000)
|
|
(50,000)
|
|
Employee taxes paid for
shares withheld for income taxes
|
(2,318)
|
|
(803)
|
|
Proceeds from exercise
of stock options and other stock issuances
|
1,781
|
|
2,015
|
|
Net cash provided by
(used in) financing activities
|
(50,537)
|
|
(48,788)
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
(28,671)
|
|
(43,962)
|
|
Net increase in
(decrease in) cash, cash equivalents and restricted cash
|
(54,109)
|
|
(154,113)
|
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
Beginning of
period
|
727,726
|
|
1,022,126
|
|
End of
period
|
$
673,617
|
|
$
868,013
|
|
Under Armour,
Inc.
For the Three and Six
Months Ended September 30, 2023
(Unaudited)
The table below
presents the reconciliation of net revenue growth (decline)
calculated according to GAAP to currency-neutral net revenue, a
non-GAAP measure. See "Non-GAAP Financial Information" above for
further information regarding the Company's use of non-GAAP
financial measures.
CURRENCY-NEUTRAL NET
REVENUE GROWTH (DECLINE) RECONCILIATION
|
|
|
Three Months Ended
September 30, 2023
|
|
Six Months Ended
September 30, 2023
|
|
Total Net
Revenue
|
|
|
|
|
Net revenue growth -
GAAP
|
(0.5) %
|
|
(1.3) %
|
|
Foreign exchange
impact
|
(0.6) %
|
|
0.1 %
|
|
Currency neutral net
revenue growth - Non-GAAP
|
(1.1) %
|
|
(1.2) %
|
|
|
|
|
|
North
America
|
|
|
|
|
Net revenue growth -
GAAP
|
(2.0) %
|
|
(5.4) %
|
|
Foreign exchange
impact
|
0.2 %
|
|
0.5 %
|
|
Currency neutral net
revenue growth - Non-GAAP
|
(1.8) %
|
|
(4.9) %
|
|
|
|
|
|
EMEA
|
|
|
|
|
Net revenue growth -
GAAP
|
9.3 %
|
|
9.8 %
|
|
Foreign exchange
impact
|
(5.3) %
|
|
(2.7) %
|
|
Currency neutral net
revenue growth - Non-GAAP
|
4.0 %
|
|
7.1 %
|
|
|
|
|
|
Asia-Pacific
|
|
|
|
|
Net revenue growth -
GAAP
|
2.8 %
|
|
7.9 %
|
|
Foreign exchange
impact
|
3.8 %
|
|
5.0 %
|
|
Currency neutral net
revenue growth - Non-GAAP
|
6.6 %
|
|
12.9 %
|
|
|
|
|
|
Latin
America
|
|
|
|
|
Net revenue growth -
GAAP
|
(7.7) %
|
|
1.7 %
|
|
Foreign exchange
impact
|
(11.6) %
|
|
(9.7) %
|
|
Currency neutral net
revenue growth - Non-GAAP
|
(19.3) %
|
|
(8.0) %
|
|
|
|
|
|
Total
International
|
|
|
|
|
Net revenue growth -
GAAP
|
4.8 %
|
|
8.1 %
|
|
Foreign exchange
impact
|
(2.2) %
|
|
(0.3) %
|
|
Currency neutral net
revenue growth - Non-GAAP
|
2.6 %
|
|
7.8 %
|
|
Under Armour,
Inc.
As of September 30,
2023, and 2022
COMPANY-OWNED & OPERATED DOOR
COUNT
|
|
|
|
September
30,
|
|
|
2023
|
|
2022
|
|
Factory
House
|
|
178
|
|
178
|
|
Brand House
|
|
19
|
|
18
|
|
North
America total doors
|
|
197
|
|
196
|
|
|
|
|
|
|
Factory
House
|
|
172
|
|
162
|
|
Brand House
|
|
81
|
|
79
|
|
International total doors
|
|
253
|
|
241
|
|
|
|
|
|
|
Factory
House
|
|
350
|
|
340
|
|
Brand House
|
|
100
|
|
97
|
|
Total
doors
|
|
450
|
|
437
|
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SOURCE Under Armour, Inc.