Under Armour Inc announced financial results for the third quarter ended September 30, 2006.
Net revenues increased 47.5 percent in the third quarter to $127.7 million compared to net revenues of $86.6 million in the third quarter of 2005. Apparel revenues for Men's, Women's, and Youth increased 41.8 percent to $116.7 million.
Third quarter net income increased 90.4 percent to $16.0 million compared to $8.4 million in the same period of 2005. Diluted earnings per share were $0.32.
On weighted average common shares outstanding of 49.6 million compared to $0.20 per share on weighted average common shares outstanding of 39.3 million in the third quarter of the prior year.
The Company received a $2.3 million benefit to net income, or $0.05 per diluted share, as a result of the impact of new state tax credits.
Apparel revenues grew 41.8 percent for the quarter due to continued strength in the Men's, Women's, and Youth businesses.
These businesses benefited from strength in core product categories and an increased presence of the Brand at retail. The training and compression categories were particularly strong and were the primary drivers of revenue growth.
Gross margin was 50.6 percent compared to 49.6 percent in last year's third quarter, primarily driven by improved sourcing initiatives.
Selling, general and administrative expenses were 33.4 percent of net revenues in the third quarter of 2006 compared to 32.9 percent in the same period of the prior year.
marketing@alchempro.com
