PRESS RELEASE
"Building our long-term brand strength remains at the center of everything we do,"
said
Third Quarter 2019 Review
-
Revenue
was down 1 percent to
$1.4 billion (flat on a currency neutral basis). -
Wholesale revenue decreased 2 percent to
$892 million and direct-to-consumer revenue decreased 1 percent to$463 million , representing 32 percent of total revenue. -
North America revenue decreased 4 percent to$1.0 billion and the international business increased 5 percent to$368 million (up 8 percent currency neutral), representing 26 percent of total revenue. Within the international business, revenue was up 9 percent in EMEA (up 13 percent currency neutral), up 4 percent inAsia-Pacific (up 6 percent currency neutral) and down 4 percent inLatin America (down 1 percent currency neutral). -
Apparel revenue increased 1 percent to
$986 million ; footwear revenue decreased 12 percent to$251 million ; and accessories revenue increased 2 percent to$118 million in the third quarter. On a year-to-date basis, apparel and footwear revenue are relatively flat and accessories is down approximately 3 percent compared to 2018. - Gross margin increased 220 basis points to 48.3 percent compared to the prior year driven by channel mix, supply chain initiatives and restructuring charges in the prior period.
-
Selling, general & administrative expenses
increased 4 percent to
$551 million , or 38.5 percent of revenue. -
Operating income
was
$139 million . -
Net income
was
$102 million or$0.23 diluted earnings per share. -
Cash and cash equivalents
increased 147 percent to
$417 million . -
Inventory
decreased 23 percent to
$907 million . -
Total debt
was down 26 percent to
$592 million .
Updated Fiscal 2019 Outlook
- Revenue is now expected to be up about 2 percent versus the previously expected range of 3 to 4 percent, due to:
- Lower than planned excess inventory to service the off-price channel;
- Ongoing traffic and conversion challenges in direct-to-consumer; and,
- Negative impacts from changes in foreign currency.
- Gross margin is now expected to increase approximately 130 to 150 basis points versus the previously expected range of 110 to 130 basis points compared to 2018. Excluding restructuring charges from the comparable prior period, we now expect an increase of approximately 90 to 110 basis points (versus previous expectation of 70 to 90 basis points) compared to 2018 adjusted gross margin due to ongoing supply chain initiatives and additional channel mix benefits.
-
Operating income
is now expected to reach the high end of the previously given range of approximately of
$230 million to $235 million . -
Interest and other expense,
net is expected to be approximately
$30 million . - Effective tax rate is expected to be approximately 22 percent.
-
Earnings per share
is now expected to reach the high end of the previously given range of approximately of
$0.33 to $0.34 . -
Capital expenditures
are now expected to be approximately
$180 million versus the previously expected$210 million .
Conference Call and Webcast
Non-GAAP Financial Information
This press release refers to "currency neutral" and "adjusted" amounts. 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. 2018 adjusted gross margin is referred to but not presented and excludes the impact of restructuring and other related charges. A reconciliation of 2018 adjusted gross margin is available in the company's 2018 year-end earnings release. Management believes this information is useful to investors because it provides enhanced visibility into the company's actual underlying results excluding the impact of its 2018 restructuring plans. 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
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, the development and introduction of new products, the implementation of our marketing and branding strategies, the impact of our investment in our licensee on our results of operations, and the future benefits and opportunities from 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 successfully execute our long-term strategies; our ability to realize expected benefits from our restructuring plans; our ability to effectively drive operational efficiency in our business; our ability to manage the increasingly complex operations of our global business; our ability to comply with existing trade and other regulations, and the potential impact of new trade, tariff and tax regulations on our profitability; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands; any disruptions, delays or deficiencies in the design, implementation or application of our new global operating and financial reporting information technology system; increased competition causing us to lose market share or reduce the prices of our products or to increase significantly our marketing efforts; 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; our ability to successfully manage or realize expected results from acquisitions and other significant investments or capital expenditures; the impact of the performance of our equity method investment on our results of operations; 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 of 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 Three and Nine Months Ended September 30, 2019 and 2018 |
||||||||||||||||||||||||
|
(Unaudited; in thousands, except per share amounts) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||||||||
|
|
|
2019 |
|
% of Net |
|
2018 |
|
% of Net |
|
2019 |
|
% of Net |
|
2018 |
|
% of Net |
||||||||
|
Net revenues |
|
$ |
1,429,456 |
|
100.0 |
% |
|
$ |
1,442,976 |
|
100.0 |
% |
|
$ |
3,825,907 |
|
100.0 |
% |
|
$ |
3,803,205 |
|
100.0 |
% |
|
Cost of goods sold |
|
739,558 |
|
51.7 |
% |
|
777,769 |
|
53.9 |
% |
|
2,036,901 |
|
53.2 |
% |
|
2,087,961 |
|
54.9 |
% |
||||
|
Gross profit |
|
689,898 |
|
48.3 |
% |
|
665,207 |
|
46.1 |
% |
|
1,789,006 |
|
46.8 |
% |
|
1,715,244 |
|
45.1 |
% |
||||
|
Selling, general and administrative |
|
550,978 |
|
38.5 |
% |
|
527,640 |
|
36.6 |
% |
|
1,626,309 |
|
42.5 |
% |
|
1,594,893 |
|
41.9 |
% |
||||
|
Restructuring and impairment charges |
|
— |
|
— |
% |
|
18,601 |
|
1.3 |
% |
|
— |
|
— |
% |
|
134,920 |
|
3.5 |
% |
||||
|
Income (loss) from operations |
|
138,920 |
|
9.7 |
% |
|
118,966 |
|
8.2 |
% |
|
162,697 |
|
4.3 |
% |
|
(14,569) |
|
(0.4) |
% |
||||
|
Interest expense, net |
|
(5,655) |
|
(0.4) |
% |
|
(9,151) |
|
(0.6) |
% |
|
(15,881) |
|
(0.4) |
% |
|
(26,266) |
|
(0.7) |
% |
||||
|
Other expense, net |
|
(429) |
|
— |
% |
|
(4,294) |
|
(0.3) |
% |
|
(2,224) |
|
(0.1) |
% |
|
(9,475) |
|
(0.2) |
% |
||||
|
Income (loss) before income taxes |
|
132,836 |
|
9.3 |
% |
|
105,521 |
|
7.3 |
% |
|
144,592 |
|
3.8 |
% |
|
(50,310) |
|
(1.3) |
% |
||||
|
Income tax expense |
|
29,344 |
|
2.1 |
% |
|
30,874 |
|
2.1 |
% |
|
31,735 |
|
0.8 |
% |
|
691 |
|
— |
% |
||||
|
Income (loss) from equity method |
|
(1,177) |
|
(0.1) |
% |
|
619 |
|
— |
% |
|
(5,414) |
|
(0.1) |
% |
|
481 |
|
— |
% |
||||
|
Net income (loss) |
|
$ |
102,315 |
|
7.2 |
% |
|
$ |
75,266 |
|
5.2 |
% |
|
$ |
107,443 |
|
2.8 |
% |
|
$ |
(50,520) |
|
(1.3) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic net income (loss) per share of |
|
$ |
0.23 |
|
|
|
$ |
0.17 |
|
|
|
$ |
0.24 |
|
|
|
$ |
(0.11) |
|
|
||||
|
Diluted net income (loss) per share of |
|
$ |
0.23 |
|
|
|
$ |
0.17 |
|
|
|
$ |
0.24 |
|
|
|
$ |
(0.11) |
|
|
||||
|
Weighted average common shares outstanding Class A, B and C common stock |
||||||||||||||||||||||||
|
Basic |
|
451,385 |
|
|
|
447,070 |
|
|
|
450,739 |
|
|
|
444,931 |
|
|
||||||||
|
Diluted |
|
454,695 |
|
|
|
451,035 |
|
|
|
454,047 |
|
|
|
444,931 |
|
|
||||||||
|
Under Armour, Inc. |
||||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2019 and 2018 |
||||||||||||||||||
|
(Unaudited; in thousands) |
||||||||||||||||||
|
|
||||||||||||||||||
|
NET REVENUES BY PRODUCT CATEGORY |
||||||||||||||||||
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
||||||
|
Apparel |
|
$ |
985,623 |
|
$ |
978,457 |
|
0.7 |
% |
|
$ |
2,499,989 |
|
$ |
2,495,723 |
|
0.2 |
% |
|
Footwear |
|
250,596 |
|
284,856 |
|
(12.0) |
% |
|
827,223 |
|
828,001 |
|
(0.1) |
% |
||||
|
Accessories |
|
118,164 |
|
116,186 |
|
1.7 |
% |
|
306,406 |
|
314,250 |
|
(2.5) |
% |
||||
|
Total net sales |
|
1,354,383 |
|
1,379,499 |
|
(1.8) |
% |
|
3,633,618 |
|
3,637,974 |
|
(0.1) |
% |
||||
|
Licensing revenues |
|
29,602 |
|
31,363 |
|
(5.6) |
% |
|
76,567 |
|
78,876 |
|
(2.9) |
% |
||||
|
Connected Fitness |
|
39,346 |
|
32,160 |
|
22.3 |
% |
|
101,385 |
|
90,098 |
|
12.5 |
% |
||||
|
Corporate Other |
|
6,125 |
|
(46) |
|
13,415.2 |
% |
|
$ |
14,337 |
|
$ |
(3,743) |
|
483.0 |
% |
||
|
Total net revenues |
|
$ |
1,429,456 |
|
$ |
1,442,976 |
|
(0.9) |
% |
|
$ |
3,825,907 |
|
$ |
3,803,205 |
|
0.6 |
% |
|
NET REVENUES BY SEGMENT |
||||||||||||||||||
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
|
|
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
||||||
|
North America |
|
$ |
1,015,920 |
|
$ |
1,059,535 |
|
(4.1) |
% |
|
$ |
2,675,389 |
|
$ |
2,770,463 |
|
(3.4) |
% |
|
EMEA |
|
160,981 |
|
147,640 |
|
9.0 |
% |
|
440,405 |
|
414,170 |
|
6.3 |
% |
||||
|
Asia-Pacific |
|
154,898 |
|
149,388 |
|
3.7 |
% |
|
453,296 |
|
390,647 |
|
16.0 |
% |
||||
|
Latin America |
|
52,186 |
|
54,299 |
|
(3.9) |
% |
|
141,095 |
|
141,570 |
|
(0.3) |
% |
||||
|
Connected Fitness |
|
39,346 |
|
32,160 |
|
22.3 |
% |
|
101,385 |
|
90,098 |
|
12.5 |
% |
||||
|
Corporate Other |
|
6,125 |
|
(46) |
|
13,415.2 |
% |
|
14,337 |
|
$ |
(3,743) |
|
483.0 |
% |
|||
|
Total net revenues |
|
$ |
1,429,456 |
|
$ |
1,442,976 |
|
(0.9) |
% |
|
$ |
3,825,907 |
|
$ |
3,803,205 |
|
0.6 |
% |
|
INCOME (LOSS) FROM OPERATIONS |
|||||||||||||||||||||
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||||||
|
|
|
2019 |
% of Net |
|
2018 |
% of Net |
|
2019 |
% of Net |
|
2018 |
|
% of Net |
||||||||
|
North America |
|
$ |
237,229 |
23.4 |
% |
|
$ |
253,706 |
23.9 |
% |
|
$ |
536,700 |
20.1 |
% |
|
$ |
534,421 |
|
19.3 |
% |
|
EMEA |
|
21,989 |
13.7 |
% |
|
16,726 |
11.3 |
% |
|
44,700 |
10.1 |
% |
|
17,935 |
|
4.3 |
% |
||||
|
Asia-Pacific |
|
34,666 |
22.4 |
% |
|
36,579 |
24.5 |
% |
|
74,116 |
16.4 |
% |
|
82,092 |
|
21.0 |
% |
||||
|
Latin America |
|
233 |
0.4 |
% |
|
(3,772) |
(6.9) |
% |
|
(4,017) |
(2.8) |
% |
|
(10,339) |
|
(7.3) |
% |
||||
|
Connected Fitness |
|
7,023 |
17.8 |
% |
|
2,132 |
6.6 |
% |
|
8,103 |
8.0 |
% |
|
7,254 |
|
8.1 |
% |
||||
|
Corporate Other |
|
(162,220) |
NM |
|
|
(186,405) |
NM |
|
|
(496,905) |
NM |
|
|
(645,932) |
|
NM |
|
||||
|
Income (loss) |
|
$ |
138,920 |
9.7 |
% |
|
$ |
118,966 |
8.2 |
% |
|
$ |
162,697 |
4.3 |
% |
|
$ |
(14,569) |
|
(0.4) |
% |
|
|
|||||||||||||||||||||
|
(1) The operating income (loss) percentage is calculated based on total segment net revenues. Additionally, the operating income (loss) percentage for Corporate Other is not presented as it is not a meaningful metric (NM). |
|||||||||||||||||||||
|
Under Armour, Inc. |
|||||||||
|
As of September 30, 2019, December 31, 2018 and September 30, 2018 |
|||||||||
|
(Unaudited; in thousands) |
|||||||||
|
|
|||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||
|
|
|||||||||
|
|
|
September 30, |
|
December 31, |
|
September 30, |
|||
|
Assets |
|
|
|
|
|
|
|||
|
Current assets |
|
|
|
|
|
|
|||
|
Cash and cash equivalents |
|
$ |
416,603 |
|
$ |
557,403 |
|
$ |
168,682 |
|
Accounts receivable, net |
|
843,495 |
|
652,546 |
|
867,074 |
|||
|
Inventories |
|
906,544 |
|
1,019,496 |
|
1,173,115 |
|||
|
Prepaid expenses and other current assets |
|
292,447 |
|
364,183 |
|
378,159 |
|||
|
Total current assets |
|
2,459,089 |
|
2,593,628 |
|
2,587,030 |
|||
|
Property and equipment, net |
|
778,894 |
|
826,868 |
|
821,078 |
|||
|
Operating lease right-of-use assets |
|
595,832 |
|
— |
|
— |
|||
|
Goodwill |
|
541,798 |
|
546,494 |
|
551,208 |
|||
|
Intangible assets, net |
|
37,811 |
|
41,793 |
|
43,792 |
|||
|
Deferred income taxes |
|
90,860 |
|
112,420 |
|
86,436 |
|||
|
Other long term assets |
|
129,481 |
|
123,819 |
|
137,625 |
|||
|
Total assets |
|
$ |
4,633,765 |
|
$ |
4,245,022 |
|
$ |
4,227,169 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|||
|
Revolving credit facility, current |
|
$ |
— |
|
$ |
— |
|
$ |
75,000 |
|
Accounts payable |
|
483,627 |
|
560,884 |
|
499,467 |
|||
|
Accrued expenses |
|
309,305 |
|
340,415 |
|
303,399 |
|||
|
Customer refund liabilities |
|
209,785 |
|
301,421 |
|
303,457 |
|||
|
Operating lease liabilities |
|
119,446 |
|
— |
|
— |
|||
|
Current maturities of long term debt |
|
— |
|
25,000 |
|
25,000 |
|||
|
Other current liabilities |
|
77,498 |
|
88,257 |
|
93,416 |
|||
|
Total current liabilities |
|
1,199,661 |
|
1,315,977 |
|
1,299,739 |
|||
|
Long term debt, net of current maturities |
|
591,995 |
|
703,834 |
|
703,455 |
|||
|
Operating lease liabilities, non-current |
|
588,490 |
|
— |
|
— |
|||
|
Other long term liabilities |
|
99,953 |
|
208,340 |
|
218,054 |
|||
|
Total liabilities |
|
2,480,099 |
|
2,228,151 |
|
2,221,248 |
|||
|
Total stockholders' equity |
|
2,153,666 |
|
2,016,871 |
|
2,005,921 |
|||
|
Total liabilities and stockholders' equity |
|
$ |
4,633,765 |
|
$ |
4,245,022 |
|
$ |
4,227,169 |
|
Under Armour, Inc. |
|||||
|
For the Nine Months Ended September 30, 2019 and 2018 |
|||||
|
(Unaudited; in thousands) |
|||||
|
|
|||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
|
|
|||||
|
|
Nine Months Ended September 30, |
||||
|
|
2019 |
|
2018 |
||
|
Cash flows from operating activities |
|
|
|
||
|
Net income (loss) |
$ |
107,443 |
|
$ |
(50,520) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
|
|
||
|
Depreciation and amortization |
140,443 |
|
135,029 |
||
|
Unrealized foreign currency exchange rate gain |
12,885 |
|
9,350 |
||
|
Loss on disposal of property and equipment |
2,884 |
|
3,378 |
||
|
Impairment charges |
— |
|
9,930 |
||
|
Amortization of bond premium |
190 |
|
190 |
||
|
Stock-based compensation |
38,048 |
|
32,445 |
||
|
Excess tax benefit (loss) from stock-based compensation arrangements |
— |
|
(3) |
||
|
Deferred income taxes |
23,827 |
|
(9,965) |
||
|
Changes in reserves and allowances |
(22,778) |
|
(239,073) |
||
|
Changes in operating assets and liabilities: |
|
|
|
||
|
Accounts receivable |
(187,585) |
|
(23,846) |
||
|
Inventories |
123,364 |
|
(30,390) |
||
|
Prepaid expenses and other assets |
73,753 |
|
(97,519) |
||
|
Other non-current assets |
5,939 |
|
(1,596) |
||
|
Accounts payable |
(67,336) |
|
(37,353) |
||
|
Accrued expenses and other liabilities |
(52,466) |
|
113,297 |
||
|
Customer refund liabilities |
(88,710) |
|
304,685 |
||
|
Income taxes payable and receivable |
(7,433) |
|
778 |
||
|
Net cash provided by operating activities |
102,468 |
|
118,817 |
||
|
Cash flows from investing activities |
|
|
|
||
|
Purchases of property and equipment |
(105,767) |
|
(121,439) |
||
|
Sale of property and equipment |
— |
|
11,285 |
||
|
Purchase of equity method investment |
— |
|
(39,208) |
||
|
Purchases of other assets |
(1,273) |
|
(4,861) |
||
|
Net cash used in investing activities |
(107,040) |
|
(154,223) |
||
|
Cash flows from financing activities |
|
|
|
||
|
Proceeds from long term debt and revolving credit facility |
25,000 |
|
465,000 |
||
|
Payments on long term debt and revolving credit facility |
(162,817) |
|
(580,000) |
||
|
Employee taxes paid for shares withheld for income taxes |
(4,088) |
|
(2,743) |
||
|
Proceeds from exercise of stock options and other stock issuances |
5,797 |
|
10,739 |
||
|
Payments of debt financing costs |
(2,661) |
|
(11) |
||
|
Other financing fees |
77 |
|
306 |
||
|
Net cash used in financing activities |
(138,692) |
|
(106,709) |
||
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
4,809 |
|
520 |
||
|
Net increase in cash, cash equivalents and restricted cash |
(138,455) |
|
(141,595) |
||
|
Cash, cash equivalents and restricted cash |
|
|
|
||
|
Beginning of period |
566,060 |
|
318,135 |
||
|
End of period |
$ |
427,605 |
|
$ |
176,540 |
|
Under Armour, Inc. |
|||||
|
For the Three and Nine Months Ended September 30, 2019 |
|||||
|
(Unaudited) |
|||||
|
|
|||||
|
The table below presents the reconciliation of net revenue growth (decline) calculated in accordance with |
|||||
|
|
|||||
|
CURRENCY NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION |
|||||
|
|
|||||
|
|
|
Three Months Ended |
Nine Months Ended |
||
|
Total Net Revenue |
|
|
|
||
|
Net revenue growth (decline) - GAAP |
|
(0.9) |
% |
0.6 |
% |
|
Foreign exchange impact |
|
0.8 |
% |
1.3 |
% |
|
Currency neutral net revenue growth (decline) - Non-GAAP |
|
(0.1) |
% |
1.9 |
% |
|
|
|
|
|
||
|
North America |
|
|
|
||
|
Net revenue decline - GAAP |
|
(4.1) |
% |
(3.4) |
% |
|
Foreign exchange impact |
|
— |
% |
0.2 |
% |
|
Currency neutral net revenue decline - Non-GAAP |
|
(4.1) |
% |
(3.2) |
% |
|
|
|
|
|
||
|
EMEA |
|
|
|
||
|
Net revenue growth - GAAP |
|
9.0 |
% |
6.3 |
% |
|
Foreign exchange impact |
|
4.1 |
% |
4.6 |
% |
|
Currency neutral net revenue growth - Non-GAAP |
|
13.1 |
% |
10.9 |
% |
|
|
|
|
|
||
|
Asia-Pacific |
|
|
|
||
|
Net revenue growth - GAAP |
|
3.7 |
% |
16.0 |
% |
|
Foreign exchange impact |
|
2.7 |
% |
4.7 |
% |
|
Currency neutral net revenue growth - Non-GAAP |
|
6.4 |
% |
20.7 |
% |
|
|
|
|
|
||
|
Latin America |
|
|
|
||
|
Net revenue decline - GAAP |
|
(3.9) |
% |
(0.3) |
% |
|
Foreign exchange impact |
|
2.6 |
% |
3.3 |
% |
|
Currency neutral net revenue growth (decline) - Non-GAAP |
|
(1.3) |
% |
3.0 |
% |
|
|
|
|
|
||
|
Total International |
|
|
|
||
|
Net revenue growth - GAAP |
|
4.8 |
% |
9.3 |
% |
|
Foreign exchange impact |
|
3.2 |
% |
4.5 |
% |
|
Currency neutral net revenue growth - Non-GAAP |
|
8.0 |
% |
13.8 |
% |
|
Under Armour, Inc. |
||||
|
As of September 30, 2019 and 2018 |
||||
|
|
||||
|
BRAND HOUSE AND FACTORY HOUSE DOOR COUNT |
||||
|
|
||||
|
|
|
September 30, |
||
|
|
|
2019 |
|
2018 |
|
Factory House |
|
167 |
|
162 |
|
Brand House |
|
18 |
|
15 |
|
North America total doors |
|
185 |
|
177 |
|
|
|
|
|
|
|
Factory House |
|
96 |
|
68 |
|
Brand House |
|
89 |
|
65 |
|
International total doors |
|
185 |
|
133 |
|
|
|
|
|
|
|
Factory House |
|
263 |
|
230 |
|
Brand House |
|
107 |
|
80 |
|
Total doors |
|
370 |
|
310 |
View original content to download multimedia:http://www.prnewswire.com/news-releases/under-armour-reports-third-quarter-results-updates-2019-full-year-outlook-300950428.html
SOURCE
Under Armour Contacts: Lance Allega, SVP, Investor Relations & Corporate Development, (410) 246-6810, Diane Pelkey, SVP, Global Communications, (410) 246-5927