Under Armour, Inc. reports developments tied to its performance athletic apparel, footwear and accessories business. Company news commonly centers on quarterly and annual financial results, outlook updates, restructuring actions, brand and product initiatives, wholesale and direct-to-consumer activity, and partnerships in sports and youth athletics.
Under Armour operates across North America, Asia-Pacific, Europe and Latin America through wholesale partners, company-owned digital channels and company-operated stores. Updates also cover portfolio moves such as the UNLESS regenerative apparel platform, leadership changes, and efforts to focus the Under Armour brand within the competitive athletic-wear market.
Under Armour reported a strong second quarter for 2021, with revenues reaching $1.4 billion, a 91% increase compared to the previous year. Notably, wholesale revenue surged by 157%. The company raised its full-year outlook, projecting revenues to grow at a low twenties percentage rate. Gross margin improved to 49.5%, and the company achieved net income of $59 million. However, challenges remain, including potential impacts from COVID-19 and restructuring costs of $483 million recognized to date. Cash reserves stood at $1.3 billion with no outstanding debt.
Under Armour, Inc. (NYSE: UA, UAA) will announce its second quarter earnings for the period ending June 30, 2021, on August 3, 2021, at 6:55 a.m. ET. Following the earnings release, a conference call will occur at approximately 8:30 a.m. ET, where management will discuss the results. This event will be webcast live and accessible for replay three hours after the call. As a leader in branded athletic performance apparel, Under Armour continues to focus on innovative products to enhance athletic performance.
Under Armour (NYSE: UA, UAA) announced an exchange agreement with certain holders of its 1.50% Convertible Senior Notes due 2024. The deal involves the exchange of $250 million of these notes for cash and/or shares of its Class C common stock. Following the exchange, 50% of the original notes will remain outstanding, resulting in a reduced annual interest payment obligation of approximately $3.75 million. Additionally, Under Armour has entered termination agreements related to capped call transactions, resulting in cash settlements based on the average stock price.
Under Armour has announced a significant increase in its minimum pay rate for hourly employees in the U.S. and Canada, raising it from $10 to $15 per hour, effective June 6. Approximately 90% of the Retail and Distribution House workforce, totaling over 8,000 employees, will benefit from this pay raise. This initiative is part of a broader strategy to enhance the teammate experience, including compensation improvements and development initiatives.
With more than 3,000 open roles, Under Armour aims to position itself competitively in the retail space.
Under Armour reported a strong first quarter for 2021, with revenue rising 35% to $1.3 billion. Key figures include a 32% increase in North America and a significant 58% growth internationally. Direct-to-consumer revenue surged 54%, driven by a 69% boost in eCommerce sales. The company's gross margin improved by 370 basis points to 50%. Adjusted operating income is projected to reach between $230 million and $240 million. Despite a solid performance, potential impacts from COVID-19 remain a concern.
Under Armour, Inc. (NYSE: UAA) announced a settlement with the SEC concerning past disclosures related to 'pull forward' sales from Q3 2015 to Q4 2016. The company will pay a civil penalty of $9.0 million, resolving all SEC claims without any admission of guilt. Importantly, the SEC confirmed no enforcement action against management. The company is also responding to DOJ requests but has not received any since Q2 2020.
Under Armour, Inc. (NYSE: UA, UAA) will announce its first-quarter results for the period ending March 31, 2021, on May 4, 2021, at 6:55 a.m. ET. A conference call with management to discuss the results will follow at approximately 8:30 a.m. ET. This call will be accessible via a live webcast, with a replay available three hours after the event concludes. Under Armour is known for its innovative athletic performance apparel, footwear, and accessories, aimed at enhancing athletic performance.
BSN SPORTS and Under Armour have announced the recipients of the inaugural Women of Will Hall of Fame Awards, recognizing top Athletic Directors for empowering female athletes. This program aims to uplift women in sports, with this year’s awardees including Gerald McGregory and Joe Martin. The Women of Will program has expanded to 240 partners nationwide, offering exclusive benefits like Under Armour apparel. The program also includes Graduation Awards for standout female athletes nominated by their schools, promoting both athletic and academic excellence.
Under Armour reported mixed financial results for Q4 and the fiscal year 2020, with revenues down 3% to $1.4 billion in Q4 and 15% to $4.5 billion for the year. Despite a 12% decline in wholesale revenue, direct-to-consumer sales rose 11%, highlighting strong eCommerce demand. Notably, a gain of $182 million from the sale of MyFitnessPal contributed significantly to net income of $184 million. Under Armour anticipates a high-single-digit revenue increase in 2021, albeit with ongoing COVID-19 uncertainties.
Under Armour, Inc. (NYSE: UA, UAA) is set to release its fourth quarter and full year results for the period ending December 31, 2020, on February 10, 2021, at 6:55 a.m. EST. Following the announcement, management will host a conference call at approximately 8:30 a.m. EST to discuss the results. The call will be available via webcast and later for replay. Under Armour focuses on creating branded athletic performance apparel, footwear, and accessories aimed at enhancing athletic performance.