(Filed Under Financial and General Interest News). Driven by strength across categories and the launch of its Charged Cotton apparel, activewear maker Under Armour reported a 36 percent net revenue increase during the first quarter ended March 31, to $312.7 million compared to $229.4 million during last year’s first quarter.
Apparel net revenues increased 34 percent, to $230.5 million from $172.6 million, with strength in the men’s, women’s and youth businesses. Direct-to-consumer net revenues, which represented 20 percent of total net revenues, grew 53 percent, while footwear revenues increased 20 percent, to $51.4 million from $43 million. Accessories revenues jumped 213 percent to $23.5 million from $7.5 million, primarily driven by the transition of the company’s previously licensed hats and bags business in-house in January.
“First quarter results underscore the substantial opportunities that remain in taking our brand to new consumers,” said Kevin Plank, president, C.E.O. and chairman of Under Armour. “The launch of Charged Cotton [moisture-wicking apparel] shows that we can change category expectations, while broadening the overall market opportunity for the brand. At the same time, we continue to seek opportunities to better meet consumer demand through enhanced execution with our existing retail partners as well as through our Direct-to-Consumer channel.”
Under Armour updated its full-year outlook to reflect these results, and now expects 2011 net revenues to range from $1.37 billion to $1.39 billion, representing a 29 to 31 percent growth. Previously, the company had projected full-year revenues of $1.33 billion to $1.35 billion, representing a 25 to 27 percent increase.
Under Armour’s trademarks include Under Armour, the Under Armour UA Logo, Heatgear, ColdGear and AllSeasonGear, sold in over 20,000 retail stores worldwide.
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