Under Armour revenue up 22.9%
US sports brand Under Armour recently posted better-than-expected first-quarter 2012 results. The company outdid expectations on the back of new and innovative products introduced to enhance market share. Under Armour’s net revenue came in at $384.4 million, up 22.9% from the year-ago quarter, and came ahead of the Zacks Consensus Estimate of $379 million.
The double-digit jump in the top-line was driven by a 22.9% increase in apparel net revenue to $283.3 million, reflecting growth across men’s, women’s and youth apparel businesses, and innovative products such as ColdBlack and Armour Bra.
Footwear net revenue soared 23.8% to $63.7 million, attributable to new running footwear introduced in 2012. Under Armour remains optimistic about a healthy market for footwear products.
Accessories net revenue rose to $29.6 million from $23.5 million in the year-ago quarter. The company has now completely passed the transition phase from the licensed hats and bags business to in-house. Licensing revenue increased 7.2% to $7.8 million.
