Under Armour Earnings Call Transcripts
Fiscal Year 2026
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Revenue declined 4% in FY26 with margin pressure from tariffs, but operational discipline and product innovation are driving a more focused, premium brand. FY27 guidance calls for slight revenue decline, gross margin expansion, and improved profitability, supported by a tariff refund and ongoing transformation.
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Q3 adjusted results exceeded expectations despite revenue and margin declines, with progress in simplification, product focus, and regional stabilization. FY26 outlook improved, with North America and APAC expected to decline but EMEA to grow. Liquidity remains strong.
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Q2 revenue declined 5% to $1.3B, with EMEA showing strong growth and North America and APAC facing declines. Gross margin fell due to tariffs, but cost controls and product innovation are supporting a turnaround. FY26 revenue is expected to decline 4-5%, with stabilization targeted for FY27.
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Revenue declined 4% to $1.1B, with AMEA up 10% and North America down 5%. Gross margin rose to 48.2%, but new tariffs and softer demand will halve fiscal 2026 profitability. Transformation efforts are driving brand momentum, with AMEA outperforming and North America stabilizing.
Fiscal Year 2025
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Fiscal 2025 saw revenue and earnings declines but exceeded outlooks, with gross margin expansion driven by reduced discounting and supply chain efficiencies. Strategic resets in North America and APAC, premium product launches, and cost controls position the brand for long-term growth despite tariff uncertainties.
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Q3 results exceeded expectations with strong gross margin gains and improved revenue outlook. Strategic focus on premium positioning, reduced promotions, and operational transformation is driving progress, though APAC and Q4 headwinds remain.
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Q2 profitability exceeded expectations due to gross margin gains from reduced promotions and cost improvements, despite an 11% revenue decline. The outlook was raised for gross margin and EPS, with significant investment in marketing and a continued focus on premium positioning and product innovation.
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Q1 2025 results beat expectations with a 10% revenue decline and gross margin up 110 bps, driven by reduced promotions and cost controls. Full-year revenue is expected to decline low double digits, with a focus on premium positioning, SKU reduction, and operational efficiency amid macro headwinds.
Fiscal Year 2024
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A comprehensive transformation is underway, focusing on premiumization, innovation, and a return to the underdog spirit. The strategy includes a new operating model, disciplined product and marketplace management, and a unified global brand campaign, with strong regional execution and a revitalized leadership team.