Sportswear retailer Under Armour has reported total revenue of $1.3bn in the first quarter (Q1) of fiscal year (FY) 2024, down by 2% from the same period in FY23.
The company’s wholesale revenue dropped 6% to $742m in Q1 FY24. Direct-to-consumer revenue increased by 4% to $544m, driven by a 6% and 3% growth in e-commerce and owned-and-operated store revenue, respectively.
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Regionally, North America saw a 9% revenue fall during the period while international revenue rose 12% to $485m.
The apparel category reported a revenue drop of 5% in the quarter. Revenues for footwear and accessories were up by 5% and 1%, respectively, over the quarter.
For the period ending 30 June 2023, the gross margin of Under Armour declined by 60 basis points (bps) to 46.1%.
The company delivered an operating income of $21m and a net income of $9m in Q1 FY24. Its diluted earnings per share (EPS) was $0.02.
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By GlobalDataUnder Armour president and CEO Stephanie Linnartz said: “Our international and direct-to-consumer businesses, both of which realised solid growth in the quarter, continue to deliver aside a challenging consumer retail environment in North America. Based on this performance, we are maintaining our outlook for fiscal 2024.
“As we continue executing against our Protect This House three strategic priorities, including our prioritisation of North America, we have taken several important steps.
“These steps include leadership changes, amplifying storytelling to drive global brand heat and optimising our product engine to deliver elevated design and ground-breaking innovations that athletes covet. I am confident that we will achieve the improved growth and profitability this brand is capable of over the long run.”
For the full FY24, the company expects revenue to be between flat and slightly up, with a gross margin set to grow by 25 to 75bps. It also expects operating income in the region of $310m to $330m.
