The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Under Armour Inc raised its full-year revenue forecast on Tuesday after it topped quarterly estimates, as reopening markets in the United States and Asia fuel demand for the company’s sports shoes and apparel.
The rollout of Covid-19 vaccines and new rounds of government stimulus lifted consumer confidence for discretionary spending in the first few months of the year, helping Under Armour post a 32 percent increase in revenue from North America.
Revenue from the company’s smaller international segment rose 58 percent, helped by recoveries in markets including China.
The company’s net revenue rose to $1.26 billion from $930.2 million in the first quarter ended March 31, beating analysts’ average estimate of $1.13 billion, according to IBES data from Refinitiv.
The company said it expects full-year revenue to rise by a high-teen percentage, compared with a previous outlook of a high-single-digit increase.
Under Armour said on Monday it had agreed to pay a penalty of $9 million to settle Securities and Exchange Commission charges relating to the sportswear maker’s accounting practices.
Class A shares of the Baltimore-based company rose 3 percent in premarket trading.
By Uday Sampath and Mehr Bedi; Editor: Vinay Dwivedi
When the American sportswear retailer announced the return of its controversial founder as CEO Wednesday, investors were perplexed. BoF unpacks why Plank may be back — and the challenges that lie ahead in his bid to transform its fortunes.
The category’s biggest brands by market capitalisation report results this week, and will need to show they have a plan to fend off fast-growing competition.
By investing in an elevated product and shopping experience, Spanish retailers Inditex and Mango are seeing tremendous growth despite fierce competition from the likes of Temu and a cash-strapped consumer.
The ByteDance-owned app’s e-commerce play has been met with mixed response from users. Still, sales seem to keep ticking up.