Aug 4, 2021
Under Armour continues growth trajectory in Q2, raises guidance
Aug 4, 2021
Under Armour has posted a 91% revenue jump to $1.4bn for Q2 ended June 30. Considering the performance, the company has raised its FY21 revenue outlook up to a low 20s percentage rise against high teens previously.
“We are very pleased with Under Armour's better than expected second-quarter results, which reflect solid progress compared to both 2020 and 2019. Given the continued momentum, we're raising our full-year outlook, which puts us on track to achieving a solid performance in 2021,” Patrik Frisk, president and CEO at Under Armour, said.
Gross profit for Q2 almost doubled to $668.8 million from $349.1 million, while income from operations surged to $121.2 million from a loss of $169.7 million. The company’s net income accelerated to $59.2 million from a loss of $182.9 million.
According to the sportswear company, revenues from North America skyrocketed 101.4% to $905.5 million and EMEA surged 132.5% to $207.2 million. Asia Pacific ($192.3 million) and Latin America ($46.5 million) revenues grew 56.1% and 317.3% respectively.
Under Armour’s apparel revenues escalated 105.3% to $874.2 million along with an 85.1% rise in footwear revenues to $342.6 million.
“At the halfway point of our fiscal year, I'm confident in our ability to execute our strategy by putting Focused Performers at the centre of everything we do and increasing our capacity to drive consistent, profitable growth for our shareholders over the long-term,” Frisk concluded.
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