Under Armour About UA

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11.02.21

Under Armour Reports Third Quarter 2021 Results; Raises Full Year Outlook

BALTIMORE, Nov. 2, 2021 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) today announced unaudited financial results for the third quarter ended Sept. 30, 2021. 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.

"Our third-quarter results were driven by strong demand for the Under Armour brand and our ability to execute quickly to meet the needs of our consumers and customers," said Under Armour President and CEO Patrik Frisk. "With industry-leading innovations, increased marketing efforts to deepen our connection with Focused Performers, and consistent operational discipline – we're building greater brand affinity and are on track to deliver record revenue and earnings results in 2021."

Third Quarter 2021 Review

  • Revenue was up 8 percent to $1.5 billion (up 6 percent currency neutral) compared to the prior year.
    • Wholesale revenue increased 10 percent to $911 million and direct-to-consumer revenue increased 12 percent to $604 million, driven by a strong performance in owned and operated stores offset by a 4 percent decline in eCommerce, which represented 33 percent of the total direct-to-consumer business.
    • North America revenue increased 8 percent to $1.0 billion and international revenue increased 18 percent to $510 million (up 13 percent currency neutral). Within the international business, revenue increased 19 percent in Asia-Pacific (up 13 percent currency neutral), increased 15 percent in EMEA (up 11 percent currency neutral), and increased 27 percent in Latin America (up 20 percent currency neutral).
    • Apparel revenue increased 14 percent to $1.1 billion. Footwear revenue increased 10 percent to $330 million. Accessories revenue decreased 13 percent to $126 million.
  • Gross margin increased 310 basis points to 51.0 percent, driven by benefits from pricing and channel mix, offset by the absence of MyFitnessPal and supply chain headwinds.
  • Sales, general & administrative expenses increased 8 percent to $599 million.
  • Restructuring charges were $17 million.
  • Operating income was $172 million. Adjusted operating income was $189 million.
  • Net income was $113 million. Adjusted net income was $145 million.
  • Diluted earnings per share was $0.24. Adjusted diluted earnings per share was $0.31.
  • Inventory was down 21 percent to $838 million.
  • Cash and Cash Equivalents were $1.3 billion at the end of the quarter, and no borrowings were outstanding under the company's $1.1 billion revolving credit facility.

Updated 2021 Outlook

Key points related to Under Armour's full-year 2021 outlook include:

  • Revenue is expected to be up approximately 25 percent compared to the previous expectation of a low-twenties percentage increase, reflecting a high-twenties percentage growth rate in North America and a mid-thirties percentage growth rate in the international business.
  • Gross margin is expected to increase approximately 130 basis points compared to the previous expectation of an approximate 50 to 70 basis point improvement versus the prior year adjusted gross margin of 48.6 percent with expected benefits from pricing and changes in foreign currency partially offset by the sale of the MyFitnessPal platform and expected higher freight expenses.
  • Operating income is expected to reach approximately $425 million compared to the previous range of $215 million to $225 million. Excluding the impact of restructuring efforts, adjusted operating income is expected to reach approximately $475 million compared to the previous expectation of $340 million to $350 million.
  • Diluted earnings per share is expected to reach approximately $0.55 compared to the previous expectation of diluted earnings per share of $0.14 to $0.16. Adjusted diluted earnings per share is expected to reach approximately $0.74 compared to the previously expected range of $0.50 to $0.52 per share.

2020 Restructuring Plan

In April 2020, Under Armour announced a $550 million to $600 million restructuring plan to rebalance its cost base to improve profitability and cash flow. The company now expects to recognize $525 million to $575 million in charges related to this plan and has recognized $500 million of pre-tax charges, including $17 million in the third quarter of 2021 or $26 million year-to-date. Of the $500 million recognized in charges, $140 million are cash-related, and $360 million are non-cash-related. The company currently expects to recognize any remaining charges related to this plan by the first calendar quarter of 2022.

COVID-19 Update

Under Armour remains focused on protecting teammate and consumer health and safety while navigating the ongoing and wide-ranging disruptions resulting from the pandemic. The company continues to work with its suppliers, partners, and customers to navigate these disruptions. However, given continued uncertainty related to COVID-19, particularly the ongoing and evolving impact on the company's suppliers and logistics providers, there could be further material impacts on Under Armour's full-year business results in 2021, as well as future periods.  

Conference Call and Webcast

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

Non-GAAP Financial Information

This press release refers to "currency neutral" and "adjusted" results, as well as "adjusted" forward-looking estimates of the company's fiscal 2021 outlook. Management believes this information is useful to investors to compare the company's results of operations period-over-period because it enhances visibility into its actual underlying results, excluding these impacts. Currency-neutral financial information is calculated to exclude the effect of changes in foreign currency exchange rates. References to adjusted financial measures exclude the impact of the company's 2020 restructuring plan and related impairment charges and impairments associated with certain long-lived assets and goodwill and related tax effects. Where applicable, adjusted net income (loss) and adjusted diluted income (loss) per share exclude the non-cash amortization of debt discount on the company's convertible senior notes, any gain or loss on extinguishing the company's convertible senior notes and related tax effects, and any gain or loss from divestitures. Management believes these adjustments are not core to the company's operations. The reconciliation of non-GAAP amounts to the most directly comparable financial measure calculated according to GAAP is presented in supplemental financial information furnished with this release. All per share amounts are reported on a diluted basis. These supplemental non-GAAP financial measures should not be considered in isolation and should be contemplated in addition to, and not as an alternative for, the company's reported results prepared per 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., headquartered in Baltimore, Maryland, is a leading inventor, marketer and distributor of branded athletic performance apparel, footwear and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.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, the impact of the COVID-19 pandemic on our business and results of operations and the operations of our suppliers and logistics providers, our plans to reduce our operating expenses, anticipated charges and restructuring costs, projected savings related to our restructuring plans and the timing thereof, the development and introduction of new products, the implementation of our marketing and branding strategies, 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," "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, activity levels, 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: the impact of the COVID-19 pandemic on our industry and our business, financial condition and results of operations, including recent impacts on global supply chains and logistics; failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner; changes in general economic or market conditions that could affect overall consumer spending or our industry; 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 raw materials and commodities we use in our products and our supply chain; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business and successfully execute any restructuring plans and realize their expected benefits; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer shopping preferences and consumer demand for our products and manage our inventory in response to changing demands; loss of key customers, suppliers or manufacturers; 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 manage the increasingly complex operations of our global business; our ability to successfully manage or realize expected results from significant transactions and investments; 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; any disruptions, delays or deficiencies in the design, implementation or application of our global operating and financial reporting information technology system; our ability to attract key talent and retain the services of our senior management and key employees; our ability to access capital and financing required to manage our business on terms acceptable to us; 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 comply with existing trade and other regulations, and the potential impact of new trade, tariff and tax regulations on our profitability; risks related to data security or privacy breaches; and our potential exposure to litigation and other proceedings. 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, 2021 and 2020

(Unaudited; in thousands, except per share amounts)






CONSOLIDATED STATEMENTS OF OPERATIONS








Three Months Ended September 30,


Nine Months Ended September 30,

in '000s


2021


% of Net
Revenues


2020


% of Net
Revenues


2021


% of Net
Revenues


2020


% of Net
Revenues

Net revenues


$

1,545,532



100.0

%


$

1,433,021



100.0

%


$

4,154,261



100.0

%


$

3,070,901



100.0

%

Cost of goods sold


757,428



49.0

%


746,701



52.1

%


2,068,695



49.8

%


1,604,428



52.2

%

Gross profit


788,104



51.0

%


686,320



47.9

%


2,085,566



50.2

%


1,466,473



47.8

%

Selling, general and administrative expenses


599,384



38.8

%


553,549



38.6

%


1,659,025



39.9

%


1,586,156



51.7

%

Restructuring and impairment charges


16,656



1.1

%


74,201



5.2

%


26,382



0.6

%


549,601



17.9

%

Income (loss) from operations


172,064



11.1

%


58,570



4.1

%


400,159



9.6

%


(669,284)



(21.8)

%

Interest income (expense), net


(9,261)



(0.6)

%


(14,955)



(1.0)

%


(36,705)



(0.9)

%


(32,251)



(1.1)

%

Other income (expense), net


(29,476)



(1.9)

%


(7,184)



(0.5)

%


(75,150)



(1.8)

%


(10,493)



(0.3)

%

Income (loss) before income taxes


133,327



8.6

%


36,431



2.5

%


288,304



6.9

%


(712,028)



(23.2)

%

Income tax expense (benefit)


18,962



1.2

%


(3,714)



(0.3)

%


38,870



0.9

%


14,696



0.5

%

Income (loss) from equity method investments


(921)



(0.1)

%


(1,199)



(0.1)

%


969



%


(6,906)



(0.2)

%

Net income (loss)


$

113,444



7.3

%


$

38,946



2.7

%


$

250,403



6.0

%


$

(733,630)



(23.9)

%


















Basic net income (loss) per share of
Class A, B and C common stock


$

0.24





$

0.09





$

0.54





$

(1.62)




Diluted net income (loss) per share of
Class A, B and C common stock


$

0.24





$

0.09





$

0.54





$

(1.62)




Weighted average common shares outstanding Class A, B and C common stock

Basic


470,002





454,541





461,908





453,847




Diluted


473,116





456,674





464,918





453,847




 

Under Armour, Inc.

For the Three and Nine Months Ended September 30, 2021 and 2020

(Unaudited; in thousands)






NET REVENUES BY PRODUCT CATEGORY








Three Months Ended September 30,


Nine Months Ended September 30,

in '000s


2021


2020


% Change


2021


2020


% Change

Apparel


$

1,058,231



$

927,041



14.2

%


$

2,742,465



$

1,951,186



40.6

%

Footwear


329,718



298,687



10.4

%


981,406



693,464



41.5

%

Accessories


126,345



145,060



(12.9)

%


355,244



268,912



32.1

%

Total net sales


1,514,294



1,370,788



10.5

%


4,079,115



2,913,562



40.0

%

Licensing revenues


31,099



25,121



23.8

%


76,017



51,244



48.3

%

Corporate Other (1)


139



37,112



(99.6)

%


$

(871)



$

106,095



(100.8)

%

Total net revenues


$

1,545,532



$

1,433,021



7.9

%


$

4,154,261



$

3,070,901



35.3

%

 

NET REVENUES BY SEGMENT








Three Months Ended September 30,


Nine Months Ended September 30,

in '000s


2021


2020


% Change


2021


2020


% Change

North America


$

1,035,862



$

962,565



7.6

%


$

2,747,082



$

2,021,247



35.9

%

EMEA


241,201



210,111



14.8

%


642,308



437,140



46.9

%

Asia-Pacific


211,950



178,895



18.5

%


614,539



397,846



54.5

%

Latin America


56,380



44,338



27.2

%


151,203



108,573



39.3

%

Corporate Other (1)


139



37,112



(99.6)

%


(871)



$

106,095



(100.8)

%

Total net revenues


$

1,545,532



$

1,433,021



7.9

%


$

4,154,261



$

3,070,901



35.3

%

 

INCOME (LOSS) FROM OPERATIONS








Three Months Ended September 30,


Nine Months Ended September 30,

in '000s


2021

% of Net
Revenues (2)


2020

% of Net
Revenues (2)


2021

% of Net
Revenues (2)


2020


% of Net
Revenues (2)

North America


$

292,367


28.2

%


$

224,593


23.3

%


$

728,698


26.5

%


$

251,579



12.4

%

EMEA


41,772


17.3

%


40,834


19.4

%


108,350


16.9

%


43,840



10.0

%

Asia-Pacific


40,529


19.1

%


19,248


10.8

%


111,088


18.1

%


(30,040)



(7.6)

%

Latin America


10,831


19.2

%


1,802


4.1

%


18,289


12.1

%


(50,756)



(46.7)

%

Corporate Other (1)


(213,435)


NM


(227,907)


NM


(566,266)


NM


(883,907)



NM

Income (loss) from
operations


$

172,064


11.1

%


$

58,570


4.1

%


$

400,159


9.6

%


$

(669,284)



(21.8)

%


(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within the Company's operating segments but managed through the Company's central foreign exchange risk management program. Prior to Fiscal 2021, the Company's Connected Fitness segment was separately disclosed, however, effective January 1, 2021, Corporate Other now includes the remaining Connected Fitness business consisting of the MapMyRun business for Fiscal 2021 and the entire Connected Fitness business for Fiscal 2020. All prior periods were recast to conform to the current period presentation. Such reclassifications did not affect total consolidated net revenues, consolidated income from operations or consolidated net income


(2) Operating income (loss) percentage is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM).

 

Under Armour, Inc.

As of September 30, 2021, December 31, 2020 and September 30, 2020

(Unaudited; in thousands)








CONDENSED CONSOLIDATED BALANCE SHEETS








in '000s


September 30,
2021


December 31,
2020


September 30,
2020

Assets







Current assets







Cash and cash equivalents


$

1,253,706



$

1,517,361



$

865,609


Accounts receivable, net


735,779



527,340



806,916


Inventories


837,740



895,974



1,056,845


Prepaid expenses and other current assets, net


300,719



282,300



243,971


Total current assets


3,127,944



3,222,975



2,973,341


Property and equipment, net


601,700



658,678



680,871


Operating lease right-of-use assets


469,638



536,660



560,146


Goodwill


498,166



502,214



493,631


Intangible assets, net


11,474



13,295



37,274


Deferred income taxes


34,543



23,930



45,995


Other long term assets


78,836



72,876



72,293


Total assets


$

4,822,301



$

5,030,628



$

4,863,551


Liabilities and Stockholders' Equity







Accounts payable


532,919



575,954



643,315


Accrued expenses


388,275



378,859



309,096


Customer refund liabilities


174,274



203,399



197,496


Operating lease liabilities


142,566



162,561



156,885


Other current liabilities


116,504



92,503



141,607


Total current liabilities


1,354,538



1,413,276



1,448,399


Long term debt, net of current maturities


662,903



1,003,556



997,347


Operating lease liabilities, non-current


728,077



839,414



872,791


Other long term liabilities


99,034



98,389



74,668


Total liabilities


2,844,552



3,354,635



3,393,205


Total stockholders' equity


1,977,749



1,675,993



1,470,346


Total liabilities and stockholders' equity


$

4,822,301



$

5,030,628



$

4,863,551


 

 

Under Armour, Inc.

For the Nine Months Ended September 30, 2021 and 2020

(Unaudited; in thousands)



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




Nine Months Ended September 30,

in '000s

2021


2020

Cash flows from operating activities




Net income (loss)

$

250,403



$

(733,630)


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




Depreciation and amortization

107,847



124,169


Unrealized foreign currency exchange rate gain (loss)

12,353



(3,676)


Loss on extinguishment of senior convertible notes

58,526




Loss on disposal of property and equipment

2,624



3,547


Non-cash restructuring and impairment charges

11,903



452,945


Amortization of bond premium

19,902



6,910


Stock-based compensation

32,953



32,770


Deferred income taxes

(23,414)



19,172


Changes in reserves and allowances

(19,215)



22,910


Changes in operating assets and liabilities:




Accounts receivable

(200,079)



(105,874)


Inventories

64,202



(159,930)


Prepaid expenses and other assets

(3,738)



64,404


Other non-current assets

52,179



(288,111)


Accounts payable

(36,913)



17,972


Accrued expenses and other liabilities

(123,273)



301,720


Customer refund liabilities

(29,072)



(23,164)


Income taxes payable and receivable

32,680



18,159


Net cash provided by (used in) operating activities

209,868



(249,707)


Cash flows from investing activities




Purchases of property and equipment

(57,660)



(71,639)


Sale of property and equipment

1,413




Purchase of businesses



(38,848)


Net cash used in investing activities

(56,247)



(110,487)


Cash flows from financing activities




Proceeds from long term debt and revolving credit facility



1,288,753


Payments on long term debt and revolving credit facility

(506,280)



(800,000)


Proceeds from capped call

91,722




Purchase of capped call



(47,850)


Employee taxes paid for shares withheld for income taxes

(5,623)



(3,285)


Proceeds from exercise of stock options and other stock issuances

2,739



3,855


Payments of debt financing costs



(5,150)


Net cash provided by (used in) financing activities

(417,442)



436,323


Effect of exchange rate changes on cash, cash equivalents and restricted cash

1,708



2,398


Net increase in (decrease in) cash, cash equivalents and restricted cash

(262,113)



78,527


Cash, cash equivalents and restricted cash




Beginning of period

1,528,515



796,008


End of period

$

1,266,402



$

874,535


 

Under Armour, Inc.

For the Three Months and Nine Months Ended September 30, 2021 

(Unaudited)






The table below presents the reconciliation of net revenue growth (decline) calculated according to GAAP to currency neutral net revenue 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 (DECLINE) RECONCILIATION








Three months ended
September 30, 2021


Nine months ended
September 30, 2021

Total Net Revenue





Net revenue growth - GAAP


7.9

%


35.3

%

Foreign exchange impact


(2.0)

%


(3.1)

%

Currency neutral net revenue growth - Non-GAAP


5.9

%


32.2

%






North America





Net revenue growth - GAAP


7.6

%


35.9

%

Foreign exchange impact


(0.7)

%


(0.9)

%

Currency neutral net revenue growth - Non-GAAP


6.9

%


35.0

%






EMEA





Net revenue growth - GAAP


14.8

%


46.9

%

Foreign exchange impact


(3.6)

%


(7.4)

%

Currency neutral net revenue growth - Non-GAAP


11.2

%


39.5

%






Asia-Pacific





Net revenue growth - GAAP


18.5

%


54.5

%

Foreign exchange impact


(5.6)

%


(9.7)

%

Currency neutral net revenue growth - Non-GAAP


12.9

%


44.8

%






Latin America





Net revenue growth - GAAP


27.2

%


39.3

%

Foreign exchange impact


(6.8)

%


(5.4)

%

Currency neutral net revenue growth - Non-GAAP


20.4

%


33.9

%






Total International





Net revenue growth - GAAP


17.6

%


49.2

%

Foreign exchange impact


(4.8)

%


(8.1)

%

Currency neutral net revenue growth - Non-GAAP


12.8

%


41.1

%

 

Under Armour, Inc.

For the Three Months Ended September 30, 2021 

(Unaudited; in thousands, except per share amounts)




The tables below present the reconciliation of the Company's condensed consolidated statement of operations presented in accordance with GAAP to certain adjusted non-GAAP financial measures discussed in this press release. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.




ADJUSTED OPERATING INCOME RECONCILIATION




in '000s


Three months ended
September 30, 2021


GAAP Income from operations


$

172,064


Add: Impact of restructuring and impairment charges


16,656


Add: Impact of restructuring charges recorded under cost of goods sold


107


Adjusted income from operations


$

188,827





ADJUSTED NET INCOME RECONCILIATION




in '000s


Three months ended
September 30, 2021


GAAP Net income


$

113,444


Add: Impact of restructuring and impairment charges


16,656


Add: Impact of restructuring charges recorded under cost of goods sold


107


Add: Impact of amortization of debt discount


2,251


Add: Impact of loss on extinguishment of convertible senior notes


23,798


Add: Impact of provision for income taxes


(11,441)


Adjusted net income


$

144,815





ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION






Three months ended
September 30, 2021


GAAP Diluted net income per share


$

0.24


Add: Impact of restructuring and impairment charges


0.04


Add: Impact of restructuring charges recorded under cost of goods sold



Add: Impact of amortization of debt discount



Add: Impact of loss on extinguishment of convertible senior notes


0.05


Add: Impact of provision for income taxes


(0.02)


Adjusted diluted income per share


$

0.31


 

 

Under Armour, Inc.

Outlook for the Year Ending December 31, 2021

(Unaudited; in millions, except per share amounts)




The tables below present the reconciliation of the Company's fiscal 2021 outlook for certain financial measures calculated in accordance with GAAP to the corresponding non-GAAP financial measures. See "Non-GAAP Financial Information" above for further information regarding the Company's use of non-GAAP financial measures.




ADJUSTED OPERATING INCOME RECONCILIATION




(in millions)


Year Ending
December 31, 2021


GAAP Income (loss) from operations


$

425


Add: Estimated impact of restructuring and impairment charges (1)


50


Adjusted income (loss) from operations


$

475


 

ADJUSTED OPERATING MARGIN RECONCILIATION






Year Ending
December 31, 2021

GAAP operating margin


7.6

%

Add: Estimated impact of restructuring and impairment charges (1)


0.9

%

Adjusted operating margin


8.5

%

 

ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION






Year Ending
December 31, 2021


GAAP diluted net income (loss) per share (2)


$

0.55


Add: Estimated impact of restructuring and impairment charges (1)


0.11


Add: Estimated impact of amortization of debt discount


0.03


Add: Estimated impact of loss on extinguishment of convertible senior notes


0.12


Add: Estimated impact of tax expense related to items noted above


(0.07)


Adjusted diluted income per share


$

0.74



(1) Under the Company's 2020 restructuring plan's estimated range of $525 million to $575 million, approximately $500 million of cumulative charges have been recognized as of September 30, 2021. The impact of total charges to be recognized for the fourth quarter and the full year Fiscal 2021 assumes the low-end of the estimated remaining charges included in this press release.


(2) GAAP diluted net income (loss) per share excludes any potential earn-out related to the sale of the MyFitnessPal platform. 

 

Under Armour, Inc.

As of September 30, 2021 and 2020




COMPANY-OWNED & OPERATED DOOR COUNT






September 30,



2021


2020

Factory House


179


172

Brand House


18


18

   North America total doors


197


190






Factory House


144


122

Brand House


95


116

   International total doors


239


238






Factory House


323


294

Brand House


113


134

   Total doors


436


428

 

                   

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/under-armour-reports-third-quarter-2021-results-raises-full-year-outlook-301413509.html

SOURCE Under Armour, Inc.

Lance Allega, SVP, Investor Relations & Corporate Development, (410) 246-6810, Blake Simpson, SVP, Global Communications, Community Impact & Events, (443) 630-9959

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