UAA - Under Armour's quarterly results beat estimates

2023-08-08 09:10:22 ET

Under Armour, Inc. ( NYSE: UAA ) were little changed on Tuesday morning before the open after the company beat estimates.

For the first fiscal quarter, UAA reported revenue of $1.3B beat the average analyst estimate by $30M while EPS of $0.02 beat by $0.05.

For the full fiscal year, the athleticswear maker predicts revenue to be flat to up slightly, with gross margin expected to be up 25 to 75 basis points compared to the prior year's rate of 44.9 percent.

"Our international and direct-to-consumer businesses, both of which realized solid growth in the quarter, continue to deliver aside a challenging consumer retail environment in North America,” Chief Executive Officer Stephanie Linnartz said in a statement. “Based on this performance, we are maintaining our outlook for fiscal 2024."

“I am confident that we will achieve the improved growth and profitability this brand is capable of over the long run."

Wholesale revenue decreased 6% to $742 million over the first fiscal quarter, and direct-to-consumer revenue increased 4% to $544M. North America revenue decreased 9% to $827M, and international revenue increased 12% to $485M.

In June, UAA said that its chief operating officer Colin Browne was planning to step down in the fall. Chief product officer Lisa Collier was expected to exit UAA in August.

UAA is down 23% so far this year and up 6.8% over the past month.

More on Under Armour:

• Under Armour GAAP EPS of $0.02 beats by $0.05, revenue of $1.32B beats by $30M
• Under Armour announces COO departure
• Under Armour: Strong Brand Oversold

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