Under Armour, Inc. announced its first $1 billion quarter as the athleisurewear giant’s net revenues increased 28% in the third quarter of 2015 (ending September 30) to $1.20 billion compared with net revenues of $938 million in the prior year’s period. Net income increased 13% in the third quarter of 2015 to $100 million compared with $89 million in the prior year’s period and diluted earnings per share for the third quarter of 2015 were $0.45 compared with $0.41 per share in the prior year’s period. This was the company’s 22nd straight quarter of at least 20% net revenue growth.
Apparel growth was driven primarily by enhanced product offerings in baselayer and the expanded Storm innovation platform; footwear net revenues, which increased a whopping 61% to $196 million from $122 million in the prior year’s period, reflected continued product expansion across the running, basketball, and training categories; and significant increases in accessories net revenues were driven primarily by new introductions across the bags category.
The company now expects 2015 net revenues of approximately $3.91 billion, representing growth of 27% over 2014 and 2015 operating income of approximately $408 million, representing growth of 15% over 2014.
Kevin Plank, chairman and CEO of Under Armour, Inc., stated, “Our ongoing success in 2015 has been driven by innovative, head-to-toe product, combined with game-changing performances by our athletes. Leveraging these great successes throughout 2015, our current Rule Yourself global marketing campaign highlights the training and dedication that drives our athletes to be their best on the biggest stages. The campaign features Tom Brady, Misty Copeland, Stephen Curry, and recently named PGA Tour Player of the Year Jordan Spieth. When combined with over 150 million unique registered users across our Connected Fitness community, logging more than 6.5 billion food items and 1.5 billion workouts year-to-date, our brand is resonating with more athletes than ever before and we are investing to not only build deeper relationships with these athletes today, but fulfill our longer term vision to change the way athletes live. We are confident that the building blocks to reach our Investor Day target of $7.5 billion in net revenues by 2018 are firmly in place.”