The company has announced its financial results for the third quarter and has performed better than what was expected.
The company has recorded that wholesale revenue has decreased by 7 per cent to $830M while direct-to-consumer revenue has increased by 17 per cent to $540M as a result of a continued strong growth in e-commerce. Net income was $39M and the company ended the third quarter with Cash and Cash Equivalents of $866M.
Under Armour President and Chief Executive Officer at Under Armour, Patrik Frisk, commented: “Our third quarter results reflect considerably better than expected performance due to higher demand and our strong execution, especially in North America.
“We believe that the critical mass of our transformational challenges in behind us, and we remain sharply focused on operational improvements and financial discipline to accelerate strategies to create sustainable, long-term growth for the Under Armour brand and our shareholders.”
