of 2012 compared with 37.9% in the prior year's period, largely reflecting leverage of corporate services and marketing expenses. Marketing expenses for the fourth quarter of 2012 were 9.7% of net revenues compared with 10.9% in the prior year's quarter. Fourth quarter operating income grew 48% to $82 million compared with $55 million in the prior year's period. Review of Full Year Operating Results
For the full year 2012, net revenues increased 25% to $1.835 billion compared with $1.473 billion in the prior year and compared with the Company's prior outlook of $1.82 billion. Diluted earnings per share for the full year increased 31% to $1.21 per share on weighted average common shares outstanding of 106 million compared with $0.92 per share on weighted average common shares outstanding of 105 million in the prior year.
Under Armour, Inc. announced financial results for the fourth quarter ended December 31, 2012-Fourth Quarter Net Revenues Increased 25% to $506 #
Apparel net revenues increased 23% to $1.385 billion compared with $1.122 billion in the prior year, led by the Training category which included the expansions of both the Charged Cotton and Storm platforms. Footwear net revenues increased 32% to $239 million during 2012 compared to $182 million in 2011, reflecting the debut of new running styles, including UA Spine, and strength across our cleated businesses. Accessories net revenues increased 25% to $166 million during 2012 compared to $132 million in 2011, primarily driven by headwear and bags. Direct-to-Consumer net revenues, which represented 29% of total net revenues for the year compared to 27% in 2011, grew 34% over the prior year.
Under Armour, Inc. announced financial results for the fourth quarter ended December 31, 2012-Fourth Quarter Net Revenues Increased 25% to $506 #
Gross margin for 2012 was 47.9% compared with 48.4% in 2011, largely reflecting less favorable sales mix and higher air freight costs. Selling, general and administrative expenses as a percentage of net revenues were 36.5% for 2012 compared with 37.3% for 2011, reflecting leverage of corporate services and marketing expenses. Marketing expense for 2012 was 11.2% of net revenues compared with 11.4% in the prior year. Operating income grew 28% to $209 million in 2012 compared with $163 million in the prior year and compared with the Company's prior outlook of $207 million.
Under Armour, Inc. announced financial results for the fourth quarter ended December 31, 2012-Fourth Quarter Net Revenues Increased 25% to $506 #
Balance Sheet Highlights
Cash and cash equivalents increased 95% to $342 million at December 31, 2012 compared with $175 million at December 31, 2011. The Company had no borrowings outstanding under its $300 million revolving credit facility at December 31, 2012. Inventory at December 31, 2012 decreased 2% to $319 million compared with $324 million at December 31, 2011. Long-term debt decreased to $62 million at December 31, 2012 from $78 million at December 31, 2011.
Under Armour, Inc. announced financial results for the fourth quarter ended December 31, 2012-Fourth Quarter Net Revenues Increased 25% to $506 #
Under Armour, Inc. announced financial results for the fourth quarter ended December 31, 2012-Fourth Quarter Net Revenues Increased 25% to $506 #
Under Armour, Inc. announced financial results for the fourth quarter ended December 31, 2012-Fourth Quarter Net Revenues Increased 25% to $506 #
marketing@alchempro.com
