Under Armour Posts Strong Profits, Sales
Under Armour has turned in another strong quarter, beating expectations with a fourth-quarter revenue gain 34%, reaching $403 million. Full-year revenues climbed 38% to $1.47 billion, its highest annual growth rate since 2007. And net income for the Baltimore-based company jumped 42% to $33 million, compared with $23 million in the prior year's period. “Our apparel business surpassed the $1 billion mark,” Kevin Plank, Chairman, CEO, and President of Under Armour, Inc., says in its release. “The strength we continue to see in our apparel and Direct-to-Consumer businesses affords us the ability to continue to make strategic investments in other long-term growth drivers like footwear and international." The company says it still expects next year’s operating income growth to come in toward the higher end of its 20% to 25% forecast, with net revenue growth at the low end.