- Under Armour records US$59.2m profit for quarter ending 30th June
- Company anticipates operating income to reach US$215m to US$225m by end of 2021
- CEO Patrik Frisk hails “better than expected results”
Baltimore-based sportswear brand Under Armour has reported revenue of US$1.4 billion for the second quarter of 2021, a 91 per cent increase compared to a year earlier.
Under Armour recorded a US$183 million loss in the second quarter of last year as store closures and a lack of direct-to-customer sales hit the sports brand hard during the Covid-19 pandemic.
With stores now reopening across the world, Under Armour has reported that direct-to-customer revenue increased 52 per cent to $561 million, with wholesale revenue up 157 per cent to US$768 million.
Revenue was also up 101 per cent in North America to US$905 million, and 100 per cent internationally to $446 million.
In addition, Under Armour’s apparel revenue jumped by 105 per cent to US$874 million, while accessories rose 99 per cent to US$112 million, and footwear increased 85 per cent to US$112 million.
The revenue rebound contributed towards operating income of US$121 million for the quarter and a net profit of US$59 million.
For the whole of 2021, the sports brand expects to see a revenue percentage increase in the low 20s compared to last year, while it also predicts operating income to reach around US$215 million to US$225 million.
“We are very pleased with Under Armour's better than expected second-quarter results, which reflect solid progress compared to both 2020 and 2019,” said Under Armour’s president and chief executive, Patrik Frisk. “Given the continued momentum, we're raising our full-year outlook, which puts us on track to achieving a solid performance in 2021.
“With the critical mass of our transformation behind us and the continued improvements across product, marketing, and our financial results, I believe this year sets a robust foundation that positions us well for our next chapter of profitable growth.”
In April 2020, Under Armour detailed a new US$550 million to US$600 million restructuring plan in order to increase its profits and cashflow.
Baltimore-based sportswear brand Under Armour has reported revenue of US$1.4 billion for the second quarter of 2021, a 91 per cent increase compared to a year earlier.under armour,branding,usa,pandemic