Under Armour Reports Q1 Earnings Above Street View, Affirms FY24 Outlook

Under Armour Inc UAA UA reported a first-quarter FY24 sales decline of 2% year-on-year to $1.32 billion, beating the analyst consensus of $1.30 billion.

Wholesale revenue decreased 6% Y/Y to $742 million, and direct-to-consumer revenue increased 4% to $544 million.

Apparel revenue fell 5% Y/Y, Footwear climbed 5%, while Accessories revenue increased 1%.

Gross profit fell 3.6% Y/Y to $607.7 million, and the gross margin contracted 60 basis points Y/Y to 46.1%.

Operating margin compressed 100 basis points to 1.6%, and operating income for the quarter decreased 39.3% to $20.9 million.

The company held $703.6 million in cash and equivalents as of June 30, 2023. Inventory was $1.3 billion, a 38% increase.

The company’s EPS was $0.02, beating the consensus of $(0.03).

Outlook: Under Armour sees FY24 revenue to be flat to up slightly.

The company expects FY24 EPS of $0.47 - $0.51 versus the estimate of $0.50.

Price Action: UAA shares are trading lower by 0.26% at $7.70 in premarket on the last check Tuesday.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsGuidanceMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!