Under Armour sets sights on UK as profits rise 24%
26/10/2012
Its founder and CEO Kevin Plank attributed the strong results to “patiently developing the brand”. He said its Spine footwear technology that was introduced in its premium running shoe added to the growth, and so would now be used in a wider range of footwear.
Net revenues for the third quarter increased 24% to $575 million. Apparel grew 22% to $445 million and footwear revenues increased 21% to $63 million from $52 million.
The brand, which has a large presence in the US but less so elsewhere, is eyeing international growth next year. It has partnered with Tottenham Hotspur football club to increase brand awareness in the UK as a first step to growth there, and will open stores in China.
As of December 31, 2011, the company’s products were offered in 25,000 retail stores worldwide.
Share this story:
