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Under Armour posted third-quarter earnings Tuesday, recording an 8% year-over-year increase to $1.55 billion in revenue — beating analyst estimates of $1.48 billion.
Net income for the quarter hit $113 million compared to $38.9 million in Q3 the year before, with more demand for sneakers and performance apparel, according to CNBC.
Under Armour raised its full-year 2021 outlook despite potential material impacts due to COVID-19. It anticipates revenue for the year to climb 25% to $5.62 billion.
The company saw sales jump globally, with its international segment rising 18% and its North American segment — Under Armour’s biggest market — increasing 8%.
- Asia-Pacific sales rose 19%.
- Latin America sales grew 27%.
- Europe, Africa, and the Middle East saw sales increase 15%.
Online sales were down 4% year-over-year, but e-commerce still made up 33% of total sales.
During the quarter, the Los Angeles Superior Court rejected the company’s attempt to dismiss a lawsuit from UCLA after Under Armour backed out of a 15-year, $280 million sponsorship deal.
The sportswear brand expects to “recognize $525 million to $575 million in charges” related to its restructuring plan announced in April 2020, aimed at improving profitability and cash flow.
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