PR Newswire
BALTIMORE, May 9, 2023
BALTIMORE, May 9, 2023 /PRNewswire/ -- Under Armour, Inc. (NYSE: UA, UAA) today announced unaudited financial results for its fourth quarter and fiscal year ended March 31, 2023. The company reports its financial performance following 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.
"I'm honored to lead this iconic brand, and I'm pleased that Under Armour delivered fiscal 2023 revenue and earnings results that were in line with our previous outlook," said Under Armour President and CEO Stephanie Linnartz. "Fiscal 2024 will be a year of building for the brand. I am prioritizing significantly amplifying global brand heat; delivering elevated design and products, with a focus on Sportstyle, footwear, and women; and positioning us to drive better sales growth in the United States."
Linnartz continued, "We will leverage our strong portfolio of franchises, including Heat Gear, Cold Gear, and compression apparel, to drive innovation across new products and markets. We must deliver better for athletes and our customers and meaningfully increase returns for shareholders in the years ahead. My job is to make that vision a reality."
Fourth Quarter Fiscal 2023 Review
Full Year Fiscal 2023 Review
Share Buyback Update
During the fourth quarter, Under Armour repurchased one million shares of its Class C common stock, consistent with the final settlement of accelerated share repurchase transactions entered into during the prior quarter. Under the company's two-year, $500 million program, which the Board of Directors approved in February 2022, 35 million shares of Class C common stock have been repurchased for $425 million.
Fiscal 2024 Outlook
Versus fiscal 2023, key points related to Under Armour's fiscal year 2024 outlook include:
Conference Call and Webcast
Under Armour will hold its fourth quarter and full-year fiscal 2023 conference call 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 for the company's 2023 fiscal year ended March 31, 2023. Management believes this information is helpful 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 changes in foreign currency exchange rates. References to adjusted financial measures exclude the effect of the company's litigation reserve, the company's 2020 restructuring plan and related tax effects, and any gain or loss from divestitures (including associated earn-outs and expenses) and related tax effects. 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. In addition, in connection with its change in fiscal year-end from December 31 to March 31, Under Armour is presenting select non-GAAP financial measures for the twelve months beginning on April 1, 2021, and ending March 31, 2022, to provide comparable reference periods against the company's new fiscal 2023 year, which began April 1, 2022, and ended on March 31, 2023. These supplemental non-GAAP financial measures should not be considered in isolation. They should be contemplated in addition to, and not as an alternative to, 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, plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, 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, expectations regarding promotional activities, freight, product cost pressures, and foreign currency impacts, the impact of global economic conditions and inflation on our results of operations, 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," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology. The forward-looking statements in this press release reflect our current views about future events. They are subject to risks, uncertainties, assumptions, and 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 these forward-looking statements, including, but not limited to: changes in general economic or market conditions, including inflation, that could affect overall consumer spending or our industry; the impact of the COVID-19 pandemic on our industry and our business, financial condition and results of operations, including impacts on the global supply chain; failure of our suppliers, manufacturers or logistics providers to produce or deliver our products in a timely or cost-effective manner; labor or other disruptions at ports or our suppliers or manufacturers; increased competition causing us to lose market share or reduce the prices of our products or to increase our marketing efforts significantly; fluctuations in the costs of raw materials and commodities we use in our products and costs related to our supply chain (including labor); changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer shopping and engagement 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 effectively market and maintain a positive brand image; 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; the impact of global events beyond our control, including military conflict; our ability to successfully manage or realize expected results from significant transactions and investments; our ability to effectively meet the expectations of our stakeholders with respect to environmental, social and governance practices; 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 other key employees; our ability to effectively drive operational efficiency in our business and realize expected benefits from restructuring plans; 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 here 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 statement's date or to reflect unanticipated events.
Under Armour, Inc. | |||||||||||||||
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CONSOLIDATED STATEMENTS OF OPERATION | |||||||||||||||
| Three Months Ended March 31, | | Year Ended March 31, | ||||||||||||
in '000s | 2023 | | % of Net | | 2022 | | % of Net | | 2023 | | % of Net | | 2022 | | % of Net |
Net revenues | $ 1,398,913 | | 100.0 % | | $ 1,300,945 | | 100.0 % | | $ 5,903,636 | | 100.0 % | | $ 5,727,216 | | 100.0 % |
Cost of goods sold | 792,009 | | 56.6 % | | 695,781 | | 53.5 % | | 3,254,296 | | 55.1 % | | 2,889,194 | | 50.4 % |
Gross profit | 606,904 | | 43.4 % | | 605,164 | | 46.5 % | | 2,649,340 | | 44.9 % | | 2,838,022 | | 49.6 % |
Selling, general and administrative expenses | 571,645 | | 40.9 % | | 594,446 | | 45.7 % | | 2,365,529 | | 40.1 % | | 2,414,499 | | 42.2 % |
Restructuring and impairment charges | — | | — % | | 56,674 | | 4.4 % | | — | | — % | | 90,079 | | 1.6 % |
Income (loss) from operations | 35,259 | | 2.5 % | | (45,956) | | (3.5) % | | 283,811 | | 4.8 % | | 333,444 | | 5.8 % |
Interest income (expense), net | (1,651) | | (0.1) % | | (6,154) | | (0.5) % | | (12,826) | | (0.2) % | | (36,317) | | (0.6) % |
Other income (expense), net | (10,520) | | (0.8) % Werbung Mehr Nachrichten zur Under Armour Inc. Aktie kostenlos abonnieren
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