Tough third quarter for Under Armour
01/11/2017
Apparel sales contributed 67% of the total, footwear 20.3% and accessories 8.9%, with the rest coming from licensing revenues and ‘connected fitness’ products. Compared to the comparative period in 2016, apparel sales fell by 8%, while footwear sales were up by 2.2% and those of accessories up by 1.4%.
On announcing the results, chief executive, Kevin Plank, said he felt disappointment at the company’s performance in 2017. “Our equilibrium has been out of synch,” he said. “We are aligning our resources to make us a better company.” But he said some factors, including shifting consumer buying behaviour, were beyond the brand’s control.
“Conditions in our biggest market, North America, have been tough,” Mr Plank said, and the rapid growth we have experienced in previous years means we now face a high level of complexity.”
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