PRESS RELEASE

Under Armour Reports Second Quarter Results
08.01.2017

BALTIMORE, Aug. 1, 2017 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) today announced financial results for the second quarter ended June 30, 2017. The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP"). This press release refers to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures described below under the "Non-GAAP Financial Information" paragraph. Reconciliations of non-GAAP amounts to the most directly comparable financial measure calculated in accordance with GAAP are presented in supplemental financial information furnished with this release. All per share amounts are reported on a diluted basis.

"Our second quarter performance validates the strength of our multiple growth levers to deliver solid results in today's dynamic global environment," said Under Armour Chairman and CEO Kevin Plank. "More than doubling our business over the last three years has required significant investments and resources to build our brand. We are utilizing 2017 to ensure that operations across our diverse portfolio of sport categories, distribution channels and geographies are optimized as we are building a stronger, faster and smarter company."

Restructuring Plan

Under Armour's Board of Directors has approved a restructuring plan to more closely align its financial resources to support the company's efforts to better serve the evolving needs of the changing consumer and customer landscape.

"As we stand up our category management structure within a consumer-led approach, we intend to meaningfully increase our go-to-market speed and amplify our digital capabilities," continued Plank. "We've identified a number of areas to enhance our operational capabilities, drive process improvement and gain greater efficiencies. We remain steadfast in driving and building our brand while shifting our operational focus to become more return-on-investment and cost of capital centric - institutionalizing discipline to deliver more consistent, long-term shareholder value."

In conjunction with this plan, the company expects to incur total estimated pre-tax restructuring and related charges of approximately $110-130 million in fiscal 2017, including approximately:

  • Up to $70 million in cash related charges, consisting of up to: $25 million in facility and lease terminations, $15 million in employee severance and benefits costs, and $30 million in contract termination and other restructuring charges; and,
  • Up to $60 million in non-cash charges comprised of approximately $20 million of inventory related charges and approximately $40 million of intangibles and other asset related impairments.

Second Quarter Review

  • Revenue was up 9 percent to $1.1 billion, up 8 percent currency neutral.
    • Revenue to wholesale customers rose 3 percent to $655 million and direct-to-consumer revenue was up 20 percent to $386 million.
    • A dynamic and promotional retail environment in North America continued to temper results with revenue in line with last year's same period. Outside North America, the strong momentum continued with international revenue up 57 percent (up 54 percent currency neutral), representing 22 percent of total revenue. Within our international business, revenue in EMEA was up 57 percent (up 53 percent currency neutral), up 89 percent in Asia-Pacific (up 87 percent currency neutral) and up 10 percent in Latin America (up 9 percent currency neutral).
    • Apparel revenue increased 11 percent to $681 million including strength in men's and women's training, and golf. Footwear revenue was down 2 percent to $237 million, against last year's same period which was up 58 percent due to significant strength in basketball sales. Accessories revenue increased 22 percent to $123 million with strength in men's and women's training, and youth performance. 
  • Gross margin declined 190 basis points to 45.8 percent as benefits from channel and product mix were offset by inventory management initiatives, changes in foreign currency rates, and higher air freight in connection with our enterprise resource planning (ERP) system implementation, which impacted the timing of shipments to certain key customers.
  • Selling, general and administrative expenses increased 10 percent to $503 million, or 46.2 percent of revenue (up 40 basis points), due to continued investments in the direct-to-consumer, footwear and international businesses.
  • Operating loss was $5 million. Including other interest and expense, there was a net loss of $12 million in the second quarter and a $0.03 loss in diluted earnings per share.
  • Inventory increased 8 percent to $1.2 billion.
  • Cash and cash equivalents increased 37 percent to $166 million.

Updated Fiscal 2017 Outlook

Key points related to Under Armour's full year 2017 outlook include:

  • Net revenues expected to grow 9 to 11 percent versus the previous expectation of 11 to 12 percent growth, reflecting moderation in the company's North American business.
  • Gross margin, on a reported basis, is expected to be down approximately 160 basis points compared to 46.4% in 2016 as benefits from product costs and sales mix are offset by impacts from the restructuring plan, changes in foreign currency and increased efforts to manage inventory. Excluding the impact of the restructuring, adjusted gross margin is expected to be down at least 120 basis points compared to 46.4% in 2016.
  • On a reported basis, operating income, is expected to reach approximately $160-180 million. Excluding the impact of the restructuring plan, adjusted operating income is expected to be approximately $280 million to $300 million.
  • Interest and other expense net of approximately $40 million;
  • An effective tax rate of 31 to 32 percent.
  • On a reported basis, full year diluted earnings per share is expected to be $0.18 to $0.21. Excluding the impact of the restructuring plan, full year adjusted diluted earnings per share is expected to reach $0.37-$0.40; and,
  • Other full year assumptions include capital expenditures of approximately $350 million.

Conference Call and Webcast

Under Armour will hold its second quarter 2017 conference call and webcast today at approximately 8:30 a.m. Eastern Time. The call will be webcast live at http://investor.underarmour.com and will be archived and available for replay approximately three hours after the live event.

Non-GAAP Financial Information

This press release refers to "currency neutral" results as well as "adjusted" forward looking estimates of the company's fiscal 2017 outlook. Currency neutral financial information is calculated to exclude the impact of changes in foreign currency. Management believes this information is useful to investors to facilitate a comparison of the Company's results of operations period-over-period. Adjusted operating income, adjusted gross margin and adjusted diluted earnings per share estimates exclude the impact of the previously described restructuring plan. Management believes this information is useful to investors because it provides enhanced visibility into the company's expected underlying results excluding the impact of the restructuring plan. These non-GAAP financial measures should not be considered in isolation and should be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with 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. (NYSE: UA, UAA), the originator of performance footwear, apparel and equipment, revolutionized how athletes across the world dress. Designed to make all athletes better, the brand's innovative products are sold worldwide to athletes at all levels. The Under Armour Connected Fitness™ platform powers the world's largest digital health and fitness community through a suite of applications: UA Record, MapMyFitness, Endomondo and MyFitnessPal. The Under Armour global headquarters is in Baltimore, Maryland. For further information, please visit the Company's website at www.uabiz.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, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, our anticipated charges and restructuring costs and the timing of these measures, the development and introduction of new products, the implementation of our marketing and branding strategies, and the future benefits and opportunities from acquisitions and other significant investments. In many cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "assumes," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in 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 that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, 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 the forward-looking statements, including, but not limited to: changes in general economic or market conditions that could affect overall consumer spending or our industry; changes to the financial health of our customers; our ability to effectively manage our growth and a more complex global business; our ability to successfully execute our restructuring plan and realize its expected benefits; our ability to effectively drive operational efficiency in our business; our ability to comply with existing trade and other regulations, and the potential impact of new trade and tax regulations on our profitability; our ability to successfully manage or realize expected results from acquisitions and other significant investments or capital expenditures; our ability to effectively develop and launch new, innovative and updated products; increased competition causing us to lose market share or reduce the prices of our products or to increase significantly our marketing efforts; our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands; fluctuations in the costs of our products; loss of key suppliers or manufacturers or failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner, including due to port disruptions; 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 accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to effectively market and maintain a positive brand image; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption in such systems or technology; risks related to data security or privacy breaches; our ability to raise additional capital required to grow our business on terms acceptable to us; our potential exposure to litigation and other proceedings; and our ability to attract key talent and retain the services of our senior management and key employees. The forward-looking statements contained in this press release 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 date on which the statement is made or to reflect the occurrence of unanticipated events.

 

 

Under Armour, Inc.

For the Quarter Ended and Six Months Ended June 30, 2017 and 2016

(Unaudited; in thousands, except per share amounts)

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

    
     
         
         
   

Quarter Ended June 30,

  

Six Months Ended June 30,
   

2017

  

% of Net
Revenues

  

2016

  

% of Net
Revenues

  

2017

  

% of Net
Revenues

  

2016

  

% of Net
Revenues

Net revenues

  

$

1,088,245

    

100.0

%

  

$

1,000,783

    

100.0

%

  

$

2,205,576

    

100.0

%

  

$

2,048,485

    

100.0

%

Cost of goods sold

  

589,999

    

54.2

%

  

523,136

    

52.3

%

  

1,201,907

    

54.5

%

  

1,090,202

    

53.2

%

Gross profit

  

498,246

    

45.8

%

  

477,647

    

47.7

%

  

1,003,669

    

45.5

%

  

958,283

    

46.8

%

Selling, general and administrative
expenses

  

503,031

    

46.2

%

  

458,269

    

45.8

%

  

1,000,918

    

45.4

%

  

904,022

    

44.2

%

Income (loss) from operations

  

(4,785)

    

(0.4)

%

  

19,378

    

1.9

%

  

2,751

    

0.1

%

  

54,261

    

2.6

%

Interest expense, net

  

(7,841)

    

(0.7)

%

  

(5,754)

    

(0.5)

%

  

(15,662)

    

(0.7)%

    

(10,286)

    

(0.5)%

  

Other expense, net

  

(2,884)

    

(0.3)

%

  

(2,955)

    

(0.3)

%

  

(313)

    

—

%

  

(253)

    

—

%

Income (loss) before income
taxes

  

(15,510)

    

(1.4)

%

  

10,669

    

1.1

%

  

(13,224)

    

(0.6)%

    

43,722

    

2.1

%

Income tax expense (benefit)

  

(3,202)

    

(0.3)%

%

  

4,325

    

0.5

%

  

1,357

    

0.1

%

  

18,198

    

0.9

%

Net income (loss)

  

(12,308)

    

(1.1)

%

  

6,344

    

0.6

%

  

(14,581)

    

(0.7)%

    

25,524

    

1.2

%

       Adjustment payment to Class C capital stockholders

  

—

    

—

%

  

59,000

    

5.9

%

  

—

    

—

%

  

59,000

    

2.9

%

Net loss available to all stockholders

  

$

(12,308)

    

(1.1)

%

  

$

(52,656)

    

(5.3)

%

  

$

(14,581)

    

(0.7)%

    

$

(33,476)

    

(1.6)%

  
                                 

Basic net loss per share of Class A and B common stock

  

$

(0.03)

        

$

(0.12)

        

$

(0.03)

        

$

(0.08)

      

Basic net income (loss) per share of Class C common stock

  

$

(0.03)

        

$

0.15

        

$

(0.03)

        

$

0.19

      

Diluted net loss per share of Class A and B common stock

  

$

(0.03)

        

$

(0.12)

        

$

(0.03)

        

$

(0.08)

      

Diluted net income (loss) per share of Class C common stock

  

$

(0.03)

        

$

0.15

        

$

(0.03)

        

$

0.19

      
                                 

Weighted average common shares outstanding Class A and B common stock

Basic

  

219,168

        

217,711

        

218,938

        

217,262

      

Diluted

  

219,168

        

221,376

        

218,938

        

221,503

      
                                 

Weighted average common shares outstanding Class C common stock

Basic

  

221,255

        

217,832

        

220,956

        

217,323

      

Diluted

  

221,255

        

221,496

        

220,956

        

221,563

      

 

 

 

Under Armour, Inc.

For the Quarter Ended and Six Months Ended June 30, 2017 and 2016

(Unaudited; in thousands)

NET REVENUES BY PRODUCT CATEGORY
 
 
 
   

Quarter Ended June 30,

  

Six Months Ended June 30,
   

2017

  

2016

  

% Change

  

2017

  

2016

  

% Change

Apparel

  

$

680,653

    

$

612,840

    

11.1

%

  

$

1,396,090

    

$

1,279,411

    

9.1

%

Footwear

  

236,925

    

242,706

    

(2.4)%

    

506,583

    

506,952

    

(0.1)

%

Accessories

  

122,588

    

100,734

    

21.7

%

  

211,686

    

180,435

    

17.3

%

Total net sales

  

1,040,166

    

956,280

    

8.8

%

  

2,114,359

    

1,966,798

    

7.5

%

Licensing revenues

  

25,110

    

21,006

    

19.5

%

  

49,315

    

40,439

    

21.9

%

Connected Fitness

  

22,969

    

23,497

    

(2.2)

%

  

41,902

    

41,998

    

(0.2)

%

Intersegment eliminations

  

—

    

—

    

—

%

  

—

    

(750)

    

(100.0)%

  

Total net revenues

  

$

1,088,245

    

$

1,000,783

    

8.7

%

  

$

2,205,576

    

$

2,048,485

    

7.7

%

 

 

NET REVENUES BY SEGMENT

  
         
         
   

Quarter Ended June 30,

  

Six Months Ended June 30,
   

2017

  

2016

  

% Change

  

2017

  

2016

  

% Change

North America

  

$

829,805

    

$

827,132

    

0.3

%

  

$

1,701,076

    

$

1,707,727

    

(0.4)

%

EMEA

  

103,896

    

66,193

    

57.0

%

  

206,751

    

132,460

    

56.1

%

Asia-Pacific

  

93,574

    

49,553

    

88.8

%

  

179,392

    

103,175

    

73.9

%

Latin America

  

38,001

    

34,408

    

10.4

%

  

76,455

    

63,875

    

19.7

%

Connected Fitness

  

22,969

    

23,497

    

(2.2)

%

  

41,902

    

41,998

    

(0.2)%

  

Intersegment eliminations

  

—

    

—

    

—

%

  

—

    

(750)

    

(100.0)%

  

Total net revenues

  

$

1,088,245

    

$

1,000,783

    

8.7

%

  

$

2,205,576

    

$

2,048,485

    

7.7

%

 

 

OPERATING INCOME (LOSS) BY SEGMENT

    
         
   

Quarter Ended June 30,

  

Six Months Ended June 30,
   

2017

  

2016

  

% Change

  

2017

  

2016

  

% Change

North America

  

$

(5,417)

    

$

28,149

    

(119.2)

%

  

$

(1,703)

    

$

68,244

    

(102.5)

%

EMEA

  

(4,616)

    

(2,956)

    

(56.2)

%

  

(2,987)

    

(35)

    

(8,434.3)

%

Asia-Pacific

  

15,249

    

9,913

    

53.8

%

  

34,877

    

27,247

    

28.0

%

Latin America

  

(8,093)

    

(8,194)

    

1.2

%

  

(15,952)

    

(17,200)

    

7.3

%

Connected Fitness

  

(1,908)

    

(7,534)

    

74.7

%

  

(11,484)

    

(23,995)

    

52.1

%

Income (loss) from operations

  

$

(4,785)

    

$

19,378

    

(124.7)%

    

$

2,751

    

$

54,261

    

(94.9)%

  

 

 

Under Armour, Inc.

As of June 30, 2017, December 31, 2016 and June 30, 2016

(Unaudited; in thousands)

CONDENSED CONSOLIDATED BALANCE SHEETS
             
             
   

June 30, 2017

  

December 31, 2016

  

June 30, 2016

Assets

            

Current assets

            

Cash and cash equivalents

  

$

165,685

    

$

250,470

    

$

121,216

  

Accounts receivable, net

  

602,795

    

622,685

    

460,955

  

Inventories

  

1,168,786

    

917,491

    

1,086,749

  

Prepaid expenses and other current assets

  

229,204

    

174,507

    

180,265

  

Total current assets

  

2,166,470

    

1,965,153

    

1,849,185

  

Property and equipment, net

  

875,005

    

804,211

    

712,873

  

Goodwill

  

580,446

    

563,591

    

580,301

  

Intangible assets, net

  

59,866

    

64,310

    

70,689

  

Deferred income taxes

  

125,358

    

136,862

    

118,053

  

Other long term assets

  

87,099

    

110,204

    

95,823

  

Total assets

  

$

3,894,244

    

$

3,644,331

    

$

3,426,924

  

Liabilities and Stockholders' Equity

            

Revolving credit facility, current

  

$

150,000

    

$

—

    

$

150,000

  

Accounts payable

  

483,210

    

409,679

    

332,060

  

Accrued expenses

  

232,680

    

208,750

    

170,226

  

Current maturities of long term debt

  

27,000

    

27,000

    

27,000

  

Other current liabilities

  

43,649

    

40,387

    

30,068

  

Total current liabilities

  

936,539

    

685,816

    

709,354

  

Long term debt, net of current maturities

  

777,717

    

790,388

    

838,116

  

Other long term liabilities

  

156,217

    

137,227

    

108,106

  

Total liabilities

  

1,870,473

    

1,613,431

    

1,655,576

  

Total stockholders' equity

  

2,023,771

    

2,030,900

    

1,771,348

  

Total liabilities and stockholders' equity

  

$

3,894,244

    

$

3,644,331

    

$

3,426,924

  

 

 

Under Armour, Inc.

For the Six Months Ended June 30, 2017 and 2016

(Unaudited; in thousands)

CONSOLIDATED STATEMENTS OF CASH FLOWS
   
   
 

Six Months Ended June 30,
 

2017

  

2016

Cash flows from operating activities

      

Net income (loss)

$

(14,581)

    

$

25,524

  

Adjustments to reconcile net income (loss) to net cash used in operating activities

      

Depreciation and amortization

83,367

    

67,737

  

Unrealized foreign currency exchange rate gains

(29,393)

    

(3,861)

  

Loss on disposal of property and equipment

715

    

463

  

Amortization of bond premium

127

    

—

  

Stock-based compensation

24,776

    

28,623

  

Excess tax benefit from stock-based compensation arrangements

1,062

    

37,138

  

Deferred income taxes

13,735

    

(23,739)

  

Changes in reserves and allowances

(8,581)

    

53,551

  

Changes in operating assets and liabilities:

      

Accounts receivable

33,787

    

(74,566)

  

Inventories

(227,190)

    

(296,654)

  

Prepaid expenses and other assets

(12,541)

    

3,786

  

Other non-current assets

451

    

—

  

Accounts payable

84,391

    

145,896

  

Accrued expenses and other liabilities

33,426

    

(18,833)

  

Income taxes payable and receivable

(46,320)

    

(42,980)

  

Net cash used in operating activities

(62,769)

    

(97,915)

  

Cash flows from investing activities

      

Purchases of property and equipment

(167,273)

    

(184,018)

  

Purchases of property and equipment from related parties

—

    

(70,288)

  

Purchases of available-for-sale securities

—

    

(24,230)

  

Sales of available-for-sale securities

—

    

30,712

  

Purchases of other assets

—

    

(715)

  

Net cash used in investing activities

(167,273)

    

(248,539)

  

Cash flows from financing activities

      

Proceeds from long term debt and revolving credit facility

380,000

    

1,162,474

  

Payments on long term debt and revolving credit facility

(243,500)

    

(807,250)

  

Employee taxes paid for shares withheld for income taxes

(2,474)

    

(13,685)

  

Proceeds from exercise of stock options and other stock issuances

6,638

    

7,600

  

Cash dividends paid

—

    

(2,927)

  

Payments of debt financing costs

—

    

(5,250)

  

Contingent consideration payments for acquisitions

—

    

(2,424)

  

Net cash provided by financing activities

140,664

    

338,538

  

Effect of exchange rate changes on cash and cash equivalents

4,593

    

(720)

  

Net decrease in cash and cash equivalents

(84,785)

    

(8,636)

  

Cash and cash equivalents

      

Beginning of period

250,470

    

129,852

  

End of period

$

165,685

    

$

121,216

  

 

 

Under Armour, Inc.

For the Quarter Ended June 30, 2017 and 2016

(Unaudited)
 

The table below presents the reconciliation of net revenue growth calculated in accordance with GAAP to currency neutral net revenue which is 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 RECONCILIATION
 
     
   

Quarter Ended June 30, 2017

Total Net Revenue

    

Net revenue growth - GAAP

  

8.7

%

Foreign exchange impact

  

(0.4)

%

Currency neutral net revenue growth - Non-GAAP

  

8.3

%
     

North America

    

Net revenue growth - GAAP

  

0.3

%

Foreign exchange impact

  

—

%

Currency neutral net revenue growth - Non-GAAP

  

0.3

%
     

EMEA

    

Net revenue growth - GAAP

  

57.0

%

Foreign exchange impact

  

(4.3)

%

Currency neutral net revenue growth - Non-GAAP

  

52.7

%
     

Asia-Pacific

    

Net revenue growth - GAAP

  

88.8

%

Foreign exchange impact

  

(1.8)%

  

Currency neutral net revenue growth - Non-GAAP

  

87.0

%
     

Latin America

    

Net revenue growth - GAAP

  

10.4

%

Foreign exchange impact

  

(1.7)

%

Currency neutral net revenue growth - Non-GAAP

  

8.7

%
     

Total International

    

Net revenue growth - GAAP

  

56.8

%

Foreign exchange impact

  

(2.9)%

  

Currency neutral net revenue growth - Non-GAAP

  

53.9

%
     

Connected Fitness

    

Net revenue growth - GAAP

  

(2.2)

%

Foreign exchange impact

  

—

%

Currency neutral net revenue growth - Non-GAAP

  

(2.2)

%

 

 

Under Armour, Inc.

For the Year Ended December 31, 2017

(Unaudited)
 

The tables below present the reconciliation of gross margin calculated in accordance with GAAP to adjusted gross margin, income from operations calculated in accordance with GAAP to adjusted operating income, and diluted net income per share calculated in accordance with GAAP to adjusted diluted earnings per share.  Each of these adjusted amounts are non-GAAP financial measures. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.
 

ADJUSTED GROSS MARGIN RECONCILIATION
 
   

Year Ended December 31, 2017

Gross margin

  

44.8

%

Add: Estimated impact of restructuring(1)

  

0.40

%

Adjusted gross margin

  

45.2

%

 

 

ADJUSTED OPERATING INCOME RECONCILIATION
     
   

Year Ended December 31, 2017

(in millions)

  

Low End

  

High End

Income from operations  

 

$

160

    

$

180

  

Add: Estimated impact of restructuring(2)                                           

 

120

    

120

  

Adjusted operating income

  

$

280

    

$

300

  

 

 

ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION
     
   

Year Ended December 31, 2017
   

Low End

  

High End

Diluted net income per share

  

$

0.18

    

$

0.21

  

Add: Estimated impact of restructuring(2)

  

0.19

    

0.19

  

Adjusted diluted earnings per share

  

$

0.37

    

$

0.40

  
                 
 

(1)  The estimated impact of the restructuring plan presented above assumes approximately $20 million of inventory related charges.
 

(2) The estimated impact of restructuring plan presented above assumes the mid-point of the Company's estimated range of restructuring and related charges, which is $110-$130 million.

 

 

BRAND HOUSE AND FACTORY HOUSE DOOR COUNT
 
   

As of June 30,
   

2017

  

2016

Factory House

  

160

  

146

Brand House

  

19

  

14

   North America total doors

  

179

  

160
         

Factory House

  

45

  

26

Brand House

  

44

  

26

   International total doors

  

89

  

52
         

Factory House

  

205

  

172

Brand House

  

63

  

40

   Total doors

  

268

  

212

 

 

View original content with multimedia:http://www.prnewswire.com/news-releases/under-armour-reports-second-quarter-results-300497150.html

SOURCE Under Armour, Inc.

 

 

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