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Under Armour Inc (NYSE:UAA) stock climbed Thursday after it reported its quarterly earnings.
The company’s third-quarter FY24 sales declined by 6% year-on-year to $1.49 billion, marginally missing the analyst consensus estimate of $1.50 billion.
The company’s Adjusted EPS was $0.19, beating the consensus estimate of $0.11.
Wholesale revenue decreased 13% Y/Y to $712 million, and direct-to-consumer revenue increased 4% to $741 million.
Apparel revenue declined 6% Y/Y, Footwear dropped 7%, while Accessories revenue was flat Y/Y.
North America revenue decreased 12% to $915 million, and international revenue increased 7% to $566 million.
Gross profit decreased 3.9% Y/Y to $671.2 million, and the gross margin expanded 100 basis points Y/Y to 45.2%, driven primarily by supply chain benefits.
Operating margin declined 130 basis points to 4.7%, and operating income for the quarter decreased to $70 million.
The company held $1 billion in cash and equivalents as of December 31, 2023. Inventory was $1.1 billion, a 9% decline.
Outlook: Under Armour sees FY24 revenue down 3% – 4% (previously 2% – 4%) versus consensus of $5.74 billion.
The company’s FY24 EPS outlook is $0.50 – $0.52 (prior $0.47 – $0.51) versus an estimated $0.49.
Gross margin will likely be up 120 – 130 basis points versus the previous expectation of up 100 – 125 basis points.
Operating income forecast is $287 million – $297 million versus the previous expectation of $310 million-$330 million.
Under Armour sees FY24 capital expenditure of $210 million – $230 million (previously $230 million-$250 million).
Price Action: UAA shares are trading higher by 5.19% at $8.10 premarket on the last check Thursday.
Photo via Wikimedia Commons
Posted In: UAA
