Under Armour’s turnaround maintained momentum quarter as the activewear brand reported fourth-quarter sales and earnings that beat estimates. But supply chain concerns weighed on its outlook.
The Baltimore-based sports activewear brand is shifting its fiscal year to 31 March from 31 December after a three-month transition period from 1 January to 31 March. Under Armour’s fiscal year 2023 will run from 1 April 2022, through 31 March 2023. Consequently, there will be no fiscal year 2022.
Under Armour reported net income of $109.7M, or $0.23 per share, for the quarter ended 31 December, down from $184.5M, or $0.40 per share, last year. Excluding restructuring and impairment charges, adjusted earnings per share of $0.14 beat analyst estimates for $0.6.
Total revenue increased nine per cent to $1.5bn and topped estimates of $1.469bn. E-commerce sales rose four per cent and represented 42 per cent of the company’s total direct-to-consumer business during the quarter.
