Under Armour Swings To Fiscal Q4 Profit On Footwear Growth; Inventory Up 44 Percent
May 9, 2023
Under Armour reported that revenue for the fiscal fourth quarter was up 7.5 percent to $1.40 billion (+10 percent currency-neutral) in the period ended March 31.
Gross margin declined 310 basis points to 43.4 percent of sales in the period, driven primarily by higher promotions, mix impacts related to higher footwear revenue, and adverse effects from changes in foreign currency. SG&A expenses decreased 4 percent to $572 million. The resulting operating income was $35 million. SGB Media