BALTIMORE,
Nov. 4, 2019 /PRNewswire/
-- Under Armour, Inc. (NYSE: UA, UAA) today announced
financial results for the third quarter ended September 30, 2019. The company reports its
financial performance in accordance with accounting principles
generally accepted in the United States
of America ("GAAP"). This press release refers to "currency
neutral" and "adjusted" amounts, which are non-GAAP financial
measures described below under the "Non-GAAP Financial Information"
paragraph. References to adjusted financial measures exclude the
impact of the company's 2018 restructuring plan and the related tax
effects. Reconciliations of non-GAAP amounts to the most directly
comparable financial measure calculated in accordance with GAAP are
presented in supplemental financial information furnished with this
release. All per share amounts are reported on a diluted
basis.
"Building our long-term brand strength remains at the
center of everything we do," said Under Armour
Chairman and CEO Kevin Plank. "Our
ongoing transformation across the business continues to make
us smarter, faster and more operationally
excellent. As we make the turn into 2020, we are
confident in our ability to deliver our
fourth quarter targets while proactively supporting higher levels
of strategic marketing investments that will further fuel the Under
Armour brand."
Third Quarter 2019 Review
- Revenue was down 1 percent to
$1.4 billion (flat on a currency
neutral basis).
-
- Wholesale revenue decreased 2 percent to $892 million and direct-to-consumer revenue
decreased 1 percent to $463 million,
representing 32 percent of total revenue.
- North America revenue
decreased 4 percent to $1.0 billion
and the international business increased 5 percent to $368 million (up 8 percent currency
neutral), representing 26 percent of total revenue. Within the
international business, revenue was up 9 percent in
EMEA (up 13 percent currency neutral), up 4 percent in Asia-Pacific (up 6 percent currency neutral)
and down 4 percent in Latin
America (down 1 percent currency neutral).
- Apparel revenue increased 1 percent to $986 million; footwear revenue decreased 12
percent to $251 million; and
accessories revenue increased 2 percent to $118 million in the third quarter. On a
year-to-date basis, apparel and footwear revenue are relatively
flat and accessories is down approximately 3 percent compared to
2018.
- Gross margin increased 220 basis
points to 48.3 percent compared to the prior year driven by channel
mix, supply chain initiatives and restructuring charges in the
prior period.
- Selling, general & administrative
expenses increased 4 percent to $551 million, or 38.5 percent of
revenue.
- Operating income was $139 million.
- Net income was $102 million or $0.23 diluted earnings per share.
- Cash and cash equivalents increased
147 percent to $417
million.
- Inventory decreased 23 percent to
$907 million.
- Total debt was down 26 percent to
$592 million.
Updated Fiscal 2019 Outlook
- Revenue is now expected to be up
about 2 percent versus the previously expected range of 3 to 4
percent, due to:
-
- Lower than planned excess inventory to service the
off-price channel;
- Ongoing traffic and conversion challenges in
direct-to-consumer; and,
- Negative impacts from changes in foreign
currency.
- Gross margin is now expected to
increase approximately 130 to 150 basis points versus the
previously expected range of 110 to 130 basis points compared to
2018. Excluding restructuring charges from the comparable prior
period, we now expect an increase of approximately 90 to 110 basis
points (versus previous expectation of 70 to 90 basis points)
compared to 2018 adjusted gross margin due to ongoing supply chain
initiatives and additional channel mix benefits.
- Operating income is now expected to
reach the high end of the previously given range of approximately
of $230 million to $235 million.
- Interest and other expense,
net is expected to be approximately $30 million.
- Effective tax rate is expected to be
approximately 22 percent.
- Earnings per share is now expected to
reach the high end of the previously given range of approximately
of $0.33 to $0.34.
- Capital expenditures are now expected
to be approximately $180 million
versus the previously expected $210
million.
Conference Call and Webcast
Under Armour will hold its third quarter 2019
conference call and webcast today at approximately 8:30 a.m. Eastern Time. The call will be webcast
live at https://about.underarmour.com/investor-relations/financials
and will be archived and available for replay approximately three
hours after the live event.
Non-GAAP Financial Information
This press release refers to "currency neutral" and
"adjusted" amounts. Currency neutral financial information is
calculated to exclude the impact of changes in foreign currency.
Management believes this information is useful to investors to
facilitate a comparison of the company's results of operations
period-over-period. 2018 adjusted gross margin is referred to but
not presented and excludes the impact of restructuring and other
related charges. A reconciliation of 2018 adjusted gross
margin is available in the company's 2018 year-end earnings
release. Management believes this information is useful to
investors because it provides enhanced visibility into the
company's actual underlying results excluding the impact of its
2018 restructuring plans. These non-GAAP financial measures should
not be considered in isolation and should be viewed in addition to,
and not as an alternative for, the company's reported results
prepared in accordance with GAAP. Additionally, the company's
non-GAAP financial information may not be comparable to similarly
titled measures reported by other companies.
About Under Armour, Inc.
Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor,
marketer and distributor of branded athletic performance apparel,
footwear and accessories. Powered by one of the world's largest
digitally connected fitness and wellness communities, Under
Armour's innovative products and experiences are designed to help
advance human performance, making all athletes better. For further
information, please visit
https://about.underarmour.com.
Forward Looking Statements
Some of the statements contained in this press release
constitute forward-looking statements. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts, such as
statements regarding our future financial condition or results of
operations, our prospects and strategies for future growth, the
development and introduction of new products, the implementation of
our marketing and branding strategies, the impact of our investment
in our licensee on our results of operations, and the future
benefits and opportunities from significant investments. In many
cases, you can identify forward-looking statements by terms such as
"may," "will," "should," "expects," "plans," "assumes,"
"anticipates," "believes," "estimates," "predicts," "outlook,"
"potential" or the negative of these terms or other comparable
terminology. The forward-looking statements contained in this press
release reflect our current views about future events and are
subject to risks, uncertainties, assumptions and changes in
circumstances that may cause events or our actual activities or
results to differ significantly from those expressed in any
forward-looking statement. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future events, results, actions,
levels of activity, performance or achievements. Readers are
cautioned not to place undue reliance on these forward-looking
statements. A number of important factors could cause actual
results to differ materially from those indicated by the
forward-looking statements, including, but not limited to: changes
in general economic or market conditions that could affect overall
consumer spending or our industry; changes to the financial health
of our customers; our ability to successfully execute our long-term
strategies; our ability to realize expected benefits from our
restructuring plans; our ability to effectively drive operational
efficiency in our business; our ability to manage the increasingly
complex operations of our global business; our ability to comply
with existing trade and other regulations, and the potential impact
of new trade, tariff and tax regulations on our profitability; our
ability to effectively develop and launch new, innovative and
updated products; our ability to accurately forecast consumer
demand for our products and manage our inventory in response to
changing demands; any disruptions, delays or deficiencies in the
design, implementation or application of our new global operating
and financial reporting information technology system; increased
competition causing us to lose market share or reduce the prices of
our products or to increase significantly our marketing efforts;
fluctuations in the costs of our products; loss of key suppliers or
manufacturers or failure of our suppliers or manufacturers to
produce or deliver our products in a timely or cost-effective
manner, including due to port disruptions; our ability to further
expand our business globally and to drive brand awareness and
consumer acceptance of our products in other countries; our ability
to accurately anticipate and respond to seasonal or quarterly
fluctuations in our operating results; our ability to successfully
manage or realize expected results from acquisitions and other
significant investments or capital expenditures; the impact of the
performance of our equity method investment on our results of
operations; risks related to foreign currency exchange rate
fluctuations; our ability to effectively market and maintain a
positive brand image; the availability, integration and effective
operation of information systems and other technology, as well as
any potential interruption of such systems or technology; risks
related to data security or privacy breaches; our ability to raise
additional capital required to grow our business on terms
acceptable to us; our potential exposure to litigation and other
proceedings; and our ability to attract key talent and retain the
services of our senior management and key employees. The
forward-looking statements contained in this press release reflect
our views and assumptions only as of the date of this press
release. We undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of
unanticipated events.
Under Armour,
Inc.
|
For the Three and
Nine Months Ended September 30, 2019 and 2018
|
(Unaudited; in
thousands, except per share amounts)
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2019
|
|
% of Net
Revenues
|
|
2018
|
|
% of Net
Revenues
|
|
2019
|
|
% of Net
Revenues
|
|
2018
|
|
% of Net
Revenues
|
Net
revenues
|
|
$
|
1,429,456
|
|
100.0
|
%
|
|
$
|
1,442,976
|
|
100.0
|
%
|
|
$
|
3,825,907
|
|
100.0
|
%
|
|
$
|
3,803,205
|
|
100.0
|
%
|
Cost of goods
sold
|
|
739,558
|
|
51.7
|
%
|
|
777,769
|
|
53.9
|
%
|
|
2,036,901
|
|
53.2
|
%
|
|
2,087,961
|
|
54.9
|
%
|
Gross profit
|
|
689,898
|
|
48.3
|
%
|
|
665,207
|
|
46.1
|
%
|
|
1,789,006
|
|
46.8
|
%
|
|
1,715,244
|
|
45.1
|
%
|
Selling, general and
administrative
expenses
|
|
550,978
|
|
38.5
|
%
|
|
527,640
|
|
36.6
|
%
|
|
1,626,309
|
|
42.5
|
%
|
|
1,594,893
|
|
41.9
|
%
|
Restructuring and
impairment charges
|
|
—
|
|
—
|
%
|
|
18,601
|
|
1.3
|
%
|
|
—
|
|
—
|
%
|
|
134,920
|
|
3.5
|
%
|
Income (loss) from operations
|
|
138,920
|
|
9.7
|
%
|
|
118,966
|
|
8.2
|
%
|
|
162,697
|
|
4.3
|
%
|
|
(14,569)
|
|
(0.4)
|
%
|
Interest expense,
net
|
|
(5,655)
|
|
(0.4)
|
%
|
|
(9,151)
|
|
(0.6)
|
%
|
|
(15,881)
|
|
(0.4)
|
%
|
|
(26,266)
|
|
(0.7)
|
%
|
Other expense,
net
|
|
(429)
|
|
—
|
%
|
|
(4,294)
|
|
(0.3)
|
%
|
|
(2,224)
|
|
(0.1)
|
%
|
|
(9,475)
|
|
(0.2)
|
%
|
Income (loss) before income
taxes
|
|
132,836
|
|
9.3
|
%
|
|
105,521
|
|
7.3
|
%
|
|
144,592
|
|
3.8
|
%
|
|
(50,310)
|
|
(1.3)
|
%
|
Income tax
expense
|
|
29,344
|
|
2.1
|
%
|
|
30,874
|
|
2.1
|
%
|
|
31,735
|
|
0.8
|
%
|
|
691
|
|
—
|
%
|
Income (loss) from
equity method
investment
|
|
(1,177)
|
|
(0.1)
|
%
|
|
619
|
|
—
|
%
|
|
(5,414)
|
|
(0.1)
|
%
|
|
481
|
|
—
|
%
|
Net income (loss)
|
|
$
|
102,315
|
|
7.2
|
%
|
|
$
|
75,266
|
|
5.2
|
%
|
|
$
|
107,443
|
|
2.8
|
%
|
|
$
|
(50,520)
|
|
(1.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share of
Class A, B and C common stock
|
|
$
|
0.23
|
|
|
|
$
|
0.17
|
|
|
|
$
|
0.24
|
|
|
|
$
|
(0.11)
|
|
|
Diluted net income
(loss) per share of
Class A, B and C common stock
|
|
$
|
0.23
|
|
|
|
$
|
0.17
|
|
|
|
$
|
0.24
|
|
|
|
$
|
(0.11)
|
|
|
Weighted average common shares outstanding Class A, B
and C common stock
|
Basic
|
|
451,385
|
|
|
|
447,070
|
|
|
|
450,739
|
|
|
|
444,931
|
|
|
Diluted
|
|
454,695
|
|
|
|
451,035
|
|
|
|
454,047
|
|
|
|
444,931
|
|
|
Under Armour,
Inc.
|
For the Three and
Nine Months Ended September 30, 2019 and 2018
|
(Unaudited; in
thousands)
|
|
NET REVENUES BY
PRODUCT CATEGORY
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
Apparel
|
|
$
|
985,623
|
|
$
|
978,457
|
|
0.7
|
%
|
|
$
|
2,499,989
|
|
$
|
2,495,723
|
|
0.2
|
%
|
Footwear
|
|
250,596
|
|
284,856
|
|
(12.0)
|
%
|
|
827,223
|
|
828,001
|
|
(0.1)
|
%
|
Accessories
|
|
118,164
|
|
116,186
|
|
1.7
|
%
|
|
306,406
|
|
314,250
|
|
(2.5)
|
%
|
Total net
sales
|
|
1,354,383
|
|
1,379,499
|
|
(1.8)
|
%
|
|
3,633,618
|
|
3,637,974
|
|
(0.1)
|
%
|
Licensing
revenues
|
|
29,602
|
|
31,363
|
|
(5.6)
|
%
|
|
76,567
|
|
78,876
|
|
(2.9)
|
%
|
Connected
Fitness
|
|
39,346
|
|
32,160
|
|
22.3
|
%
|
|
101,385
|
|
90,098
|
|
12.5
|
%
|
Corporate
Other
|
|
6,125
|
|
(46)
|
|
13,415.2
|
%
|
|
$
|
14,337
|
|
$
|
(3,743)
|
|
483.0
|
%
|
Total net revenues
|
|
$
|
1,429,456
|
|
$
|
1,442,976
|
|
(0.9)
|
%
|
|
$
|
3,825,907
|
|
$
|
3,803,205
|
|
0.6
|
%
|
NET REVENUES BY
SEGMENT
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
North
America
|
|
$
|
1,015,920
|
|
$
|
1,059,535
|
|
(4.1)
|
%
|
|
$
|
2,675,389
|
|
$
|
2,770,463
|
|
(3.4)
|
%
|
EMEA
|
|
160,981
|
|
147,640
|
|
9.0
|
%
|
|
440,405
|
|
414,170
|
|
6.3
|
%
|
Asia-Pacific
|
|
154,898
|
|
149,388
|
|
3.7
|
%
|
|
453,296
|
|
390,647
|
|
16.0
|
%
|
Latin
America
|
|
52,186
|
|
54,299
|
|
(3.9)
|
%
|
|
141,095
|
|
141,570
|
|
(0.3)
|
%
|
Connected
Fitness
|
|
39,346
|
|
32,160
|
|
22.3
|
%
|
|
101,385
|
|
90,098
|
|
12.5
|
%
|
Corporate
Other
|
|
6,125
|
|
(46)
|
|
13,415.2
|
%
|
|
14,337
|
|
$
|
(3,743)
|
|
483.0
|
%
|
Total net revenues
|
|
$
|
1,429,456
|
|
$
|
1,442,976
|
|
(0.9)
|
%
|
|
$
|
3,825,907
|
|
$
|
3,803,205
|
|
0.6
|
%
|
INCOME (LOSS) FROM
OPERATIONS
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2019
|
% of Net
Revenues
(1)
|
|
2018
|
% of Net
Revenues
(1)
|
|
2019
|
% of Net
Revenues
(1)
|
|
2018
|
|
% of Net
Revenues
(1)
|
North
America
|
|
$
|
237,229
|
23.4
|
%
|
|
$
|
253,706
|
23.9
|
%
|
|
$
|
536,700
|
20.1
|
%
|
|
$
|
534,421
|
|
19.3
|
%
|
EMEA
|
|
21,989
|
13.7
|
%
|
|
16,726
|
11.3
|
%
|
|
44,700
|
10.1
|
%
|
|
17,935
|
|
4.3
|
%
|
Asia-Pacific
|
|
34,666
|
22.4
|
%
|
|
36,579
|
24.5
|
%
|
|
74,116
|
16.4
|
%
|
|
82,092
|
|
21.0
|
%
|
Latin
America
|
|
233
|
0.4
|
%
|
|
(3,772)
|
(6.9)
|
%
|
|
(4,017)
|
(2.8)
|
%
|
|
(10,339)
|
|
(7.3)
|
%
|
Connected
Fitness
|
|
7,023
|
17.8
|
%
|
|
2,132
|
6.6
|
%
|
|
8,103
|
8.0
|
%
|
|
7,254
|
|
8.1
|
%
|
Corporate
Other
|
|
(162,220)
|
NM
|
|
|
(186,405)
|
NM
|
|
|
(496,905)
|
NM
|
|
|
(645,932)
|
|
NM
|
|
Income (loss)
from operations
|
|
$
|
138,920
|
9.7
|
%
|
|
$
|
118,966
|
8.2
|
%
|
|
$
|
162,697
|
4.3
|
%
|
|
$
|
(14,569)
|
|
(0.4)
|
%
|
|
(1) The operating
income (loss) percentage is calculated based on total segment net
revenues. Additionally, the operating income (loss) percentage for
Corporate Other is not presented as it is not a meaningful metric
(NM).
|
Under Armour,
Inc.
|
As of
September 30, 2019, December 31, 2018 and
September 30, 2018
|
(Unaudited; in thousands)
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
September 30,
2019
|
|
December 31,
2018
|
|
September 30,
2018
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
416,603
|
|
$
|
557,403
|
|
$
|
168,682
|
Accounts receivable,
net
|
|
843,495
|
|
652,546
|
|
867,074
|
Inventories
|
|
906,544
|
|
1,019,496
|
|
1,173,115
|
Prepaid expenses and
other current assets
|
|
292,447
|
|
364,183
|
|
378,159
|
Total current
assets
|
|
2,459,089
|
|
2,593,628
|
|
2,587,030
|
Property and
equipment, net
|
|
778,894
|
|
826,868
|
|
821,078
|
Operating lease
right-of-use assets
|
|
595,832
|
|
—
|
|
—
|
Goodwill
|
|
541,798
|
|
546,494
|
|
551,208
|
Intangible assets,
net
|
|
37,811
|
|
41,793
|
|
43,792
|
Deferred income
taxes
|
|
90,860
|
|
112,420
|
|
86,436
|
Other long term
assets
|
|
129,481
|
|
123,819
|
|
137,625
|
Total assets
|
|
$
|
4,633,765
|
|
$
|
4,245,022
|
|
$
|
4,227,169
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
Revolving credit
facility, current
|
|
$
|
—
|
|
$
|
—
|
|
$
|
75,000
|
Accounts
payable
|
|
483,627
|
|
560,884
|
|
499,467
|
Accrued
expenses
|
|
309,305
|
|
340,415
|
|
303,399
|
Customer refund
liabilities
|
|
209,785
|
|
301,421
|
|
303,457
|
Operating lease
liabilities
|
|
119,446
|
|
—
|
|
—
|
Current maturities of
long term debt
|
|
—
|
|
25,000
|
|
25,000
|
Other current
liabilities
|
|
77,498
|
|
88,257
|
|
93,416
|
Total current
liabilities
|
|
1,199,661
|
|
1,315,977
|
|
1,299,739
|
Long term debt, net
of current maturities
|
|
591,995
|
|
703,834
|
|
703,455
|
Operating lease
liabilities, non-current
|
|
588,490
|
|
—
|
|
—
|
Other long term
liabilities
|
|
99,953
|
|
208,340
|
|
218,054
|
Total
liabilities
|
|
2,480,099
|
|
2,228,151
|
|
2,221,248
|
Total stockholders'
equity
|
|
2,153,666
|
|
2,016,871
|
|
2,005,921
|
Total liabilities and stockholders'
equity
|
|
$
|
4,633,765
|
|
$
|
4,245,022
|
|
$
|
4,227,169
|
Under Armour,
Inc.
|
For the Nine Months
Ended September 30, 2019 and 2018
|
(Unaudited; in
thousands)
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
Nine Months Ended September 30,
|
|
2019
|
|
2018
|
Cash flows from operating
activities
|
|
|
|
Net income
(loss)
|
$
|
107,443
|
|
$
|
(50,520)
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities
|
|
|
|
Depreciation and
amortization
|
140,443
|
|
135,029
|
Unrealized foreign
currency exchange rate gain
|
12,885
|
|
9,350
|
Loss on disposal of
property and equipment
|
2,884
|
|
3,378
|
Impairment
charges
|
—
|
|
9,930
|
Amortization of bond
premium
|
190
|
|
190
|
Stock-based
compensation
|
38,048
|
|
32,445
|
Excess tax benefit
(loss) from stock-based compensation arrangements
|
—
|
|
(3)
|
Deferred income
taxes
|
23,827
|
|
(9,965)
|
Changes in reserves
and allowances
|
(22,778)
|
|
(239,073)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(187,585)
|
|
(23,846)
|
Inventories
|
123,364
|
|
(30,390)
|
Prepaid expenses and
other assets
|
73,753
|
|
(97,519)
|
Other non-current
assets
|
5,939
|
|
(1,596)
|
Accounts
payable
|
(67,336)
|
|
(37,353)
|
Accrued expenses and
other liabilities
|
(52,466)
|
|
113,297
|
Customer refund
liabilities
|
(88,710)
|
|
304,685
|
Income taxes payable
and receivable
|
(7,433)
|
|
778
|
Net cash provided by
operating activities
|
102,468
|
|
118,817
|
Cash flows from investing
activities
|
|
|
|
Purchases of property
and equipment
|
(105,767)
|
|
(121,439)
|
Sale of property and
equipment
|
—
|
|
11,285
|
Purchase of equity
method investment
|
—
|
|
(39,208)
|
Purchases of other
assets
|
(1,273)
|
|
(4,861)
|
Net cash used in
investing activities
|
(107,040)
|
|
(154,223)
|
Cash flows from financing
activities
|
|
|
|
Proceeds from long
term debt and revolving credit facility
|
25,000
|
|
465,000
|
Payments on long term
debt and revolving credit facility
|
(162,817)
|
|
(580,000)
|
Employee taxes paid
for shares withheld for income taxes
|
(4,088)
|
|
(2,743)
|
Proceeds from
exercise of stock options and other stock issuances
|
5,797
|
|
10,739
|
Payments of debt
financing costs
|
(2,661)
|
|
(11)
|
Other financing
fees
|
77
|
|
306
|
Net cash used in
financing activities
|
(138,692)
|
|
(106,709)
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
4,809
|
|
520
|
Net increase in cash,
cash equivalents and restricted cash
|
(138,455)
|
|
(141,595)
|
Cash, cash equivalents and restricted
cash
|
|
|
|
Beginning of
period
|
566,060
|
|
318,135
|
End of
period
|
$
|
427,605
|
|
$
|
176,540
|
Under Armour,
Inc.
|
For the Three and
Nine Months Ended September 30, 2019
|
(Unaudited)
|
|
The table below
presents the reconciliation of net revenue growth (decline)
calculated in accordance with
GAAP to currency neutral net revenue which is a non-GAAP measure.
See "Non-GAAP Financial
Information" above for further information regarding the Company's
use of non-GAAP financial measures.
|
|
CURRENCY NEUTRAL
NET REVENUE GROWTH (DECLINE) RECONCILIATION
|
|
|
|
Three Months
Ended
September 30, 2019
|
Nine Months Ended
September 30, 2019
|
Total Net Revenue
|
|
|
|
Net revenue growth
(decline) - GAAP
|
|
(0.9)
|
%
|
0.6
|
%
|
Foreign exchange
impact
|
|
0.8
|
%
|
1.3
|
%
|
Currency neutral net
revenue growth (decline) - Non-GAAP
|
|
(0.1)
|
%
|
1.9
|
%
|
|
|
|
|
North America
|
|
|
|
Net revenue decline -
GAAP
|
|
(4.1)
|
%
|
(3.4)
|
%
|
Foreign exchange
impact
|
|
—
|
%
|
0.2
|
%
|
Currency neutral net
revenue decline - Non-GAAP
|
|
(4.1)
|
%
|
(3.2)
|
%
|
|
|
|
|
EMEA
|
|
|
|
Net revenue growth -
GAAP
|
|
9.0
|
%
|
6.3
|
%
|
Foreign exchange
impact
|
|
4.1
|
%
|
4.6
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
13.1
|
%
|
10.9
|
%
|
|
|
|
|
Asia-Pacific
|
|
|
|
Net revenue growth -
GAAP
|
|
3.7
|
%
|
16.0
|
%
|
Foreign exchange
impact
|
|
2.7
|
%
|
4.7
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
6.4
|
%
|
20.7
|
%
|
|
|
|
|
Latin America
|
|
|
|
Net revenue decline -
GAAP
|
|
(3.9)
|
%
|
(0.3)
|
%
|
Foreign exchange
impact
|
|
2.6
|
%
|
3.3
|
%
|
Currency neutral net
revenue growth (decline) - Non-GAAP
|
|
(1.3)
|
%
|
3.0
|
%
|
|
|
|
|
Total International
|
|
|
|
Net revenue growth -
GAAP
|
|
4.8
|
%
|
9.3
|
%
|
Foreign exchange
impact
|
|
3.2
|
%
|
4.5
|
%
|
Currency neutral net
revenue growth - Non-GAAP
|
|
8.0
|
%
|
13.8
|
%
|
Under Armour,
Inc.
|
As of September 30,
2019 and 2018
|
|
BRAND HOUSE AND
FACTORY HOUSE DOOR COUNT
|
|
|
|
September
30,
|
|
|
2019
|
|
2018
|
Factory
House
|
|
167
|
|
162
|
Brand
House
|
|
18
|
|
15
|
North
America total doors
|
|
185
|
|
177
|
|
|
|
|
|
Factory
House
|
|
96
|
|
68
|
Brand
House
|
|
89
|
|
65
|
International total doors
|
|
185
|
|
133
|
|
|
|
|
|
Factory
House
|
|
263
|
|
230
|
Brand
House
|
|
107
|
|
80
|
Total
doors
|
|
370
|
|
310
|
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SOURCE Under Armour, Inc.