Under Armour reports Q4 FY20 revenue of $1.40 bn

Under Armour, a distributor of branded athletic performance apparel and footwear, posted its fourth quarter (Q4) results of FY20, ended on December 31, 2020. Revenue slipped 2.6 per cent to $1.40 billion compared to the revenue of $1.44 billion in same quarter previous year. Company’s net income for Q4 rose to $184.4 million (Q4 FY19: loss $15.3 million).

 

“Improving brand strength and consistent operational execution delivered better than expected results in the fourth quarter. Our global team was exceptionally resilient and disciplined amid a highly challenging year which included the Covid-19 pandemic and for Under Armour, a comprehensive restructuring effort including further operating model refinements,” Patrik Frisk, Under Armour president and CEO, said in a press release.

 

Gross profit increased to $693.6 million ($681.5 million). Selling, general and administrative expenses fell 4 per cent to $585.7 million ($607.4 million). Income from operations was down to $55.8 million ($74.0 million). 

 

Company's wholesale revenue decreased 12 per cent during the reported quarter to $662 million and direct-to-consumer revenue increased 11 per cent to $655 million, driven by 25 per cent growth in e-commerce.

 

Revenue of apparel section fell 4.0 per cent to $931.3 million ($970.2 million) while, footwear section revenue fell 7.1 per cent to $240.8 million ($259.3 million).

 

Regionally, North America sales for Q4 FY20 came down 6.0 per cent to $923.7 million ($982.9 million) and EMEA sales decreased 10.8 per cent to $161.1 million ($180.7 million). However, Asia-Pacific sales grew 26.1 per cent to $230.8 million ($183.0 million).

 

“As we continue to navigate uncertainty around the pandemic, we remain focused on execution and the efforts necessary to stabilise our business further and improve our ability to deliver sustainable shareholder value over the long-term,” Frisk said.