Under Armour posts quarterly loss
Under Armour has seen its revenue climb by by 3% to $1.3 billion compared to the prior year in its transition quarter ending 31 March.
However. the athletic performance brand posted a net loss of $60 million and an adjusted net loss of $3 million.
Direct-to-consumer revenue increased by 1% to $441 million, driven by 2% growth in online sales. Meanwhile, wholesale revenue rose by 4% to $829 million, although owned and operated store revenue growth was flat during the quarter.
Looking at the brand’s different territories, North America revenue increased by 4% and EMEA revenue rose by 18%. Meanwhile. revenue in the Asia-Pacific region and Latin America decreased by 14% and 6% respectively.
Under Armour president and chief executive Patrik Frisk said: “Having successfully executed a multi-year transformation and after delivering a record year in 2021 – we are continuing to serve the needs of athletes amid an increasingly more uncertain marketplace,
“As global supply challenges and emergent Covid-19 impacts in China eventually normalize, we are confident that the strength of the Under Armour brand coupled with our powerful growth strategy positions us well to deliver sustainable, profitable returns to shareholders over the long-term.”
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