Under Armour core apparel business remains strong in Q1
01 May '07
3 min read
Under Armour Inc announced financial results for the first quarter ended March 31, 2007.
Net revenues increased 41.8% in the first quarter of 2007 to $124.3 million compared to net revenues of $87.7 million in the first quarter of 2006. First quarter net income increased 13.8% to $9.9 million compared to $8.7 million in the same period of 2006.
Diluted earnings per share was $0.20, on weighted average common shares outstanding of 49.8 million compared to $0.18 per share on weighted average common shares outstanding of 49.5 million in the first quarter of the prior year.
Apparel revenues grew 26.9% for the quarter and accounted for $22.0 million of the year-over-year increase in net revenues. The Compression category continued to drive revenue growth across the apparel business. The Company was able to augment its apparel revenue growth with expanded assortments in key categories such as Baseball and Golf.
Apparel revenues also benefited from an increase in average selling price due to the expansion of the Company's product offerings. Footwear, which was not offered in the first quarter of the prior year, contributed $11.8 million in net revenues for the quarter.
“Our first quarter revenue growth of 42 percent reflects the growing strength of the Under Armour Brand,” stated Kevin A. Plank, Chairman and CEO of Under Armour Inc. “Our core apparel business remains very strong, and we saw excellent consumer demand for new products as we expanded our offerings in key apparel categories. These strong results reflect our ability to balance our growth with investments in both our Brand and the growth drivers that will fuel our long-term profitability.”
marketing@alchempro.com
