Q4 revenues up 29% at Under Armour
Branded performance apparel, footwear, and accessories developer Under Armour, Inc. has reported improved financial results for the fourth quarter and year ended December 31.
Net revenues increased 29.2% in the fourth quarter to $174.8 million compared with $135.3 million in the fourth quarter of 2006. Net income increased 42.4% to $16.9 million compared with $11.9 million in the same period of 2006. The company received a $1 million benefit to net income in the 2006 quarter.
Chairman and CEO, Kevin Plank, says: "Our strong performance in the fourth quarter reflects the ongoing demand for our technical performance products by consumers.”
Apparel net revenues rose 29.5% in the fourth quarter, driven by continuing gains in the compression and training categories and new offerings in the Mountain product category.
Net revenues for the full year rose 40.8% to $606.6 million from $430.7 million in 2006, beating the company’s outlook of $590 million to $600 million. Net income increased 34.8% to $52.6 million compared with $39 million in. The company received a $3.3 million benefit to net income in the second half of 2006.
Apparel revenues grew 37.3% for the full year fuelled by growth in the compression, training, and golf categories. Footwear revenues for the year increased 52.1%.
