// Under Armour announces “record revenue” for the year to 31 December 2021
// The business revealed it will be changing its fiscal year from December 31 to March 31, releasing its outlook for the transition quarter ending 31 March 2022
Under Armour has reported a record fourth quarter, revealing a 27% year-on-year increase in revenue to £4.2 million.
Wholesale revenue rose 36% to £2.4 billion and direct-to-consumer sales grew 26% to £1.7 billion n year on year, driven by strong performances of its owned and operated stores.
It also reported a 4% increase in ecommerce, which represented 39% of the total direct-to-consumer business in 2021.
Revenue in North America revenue increased 29% and international revenue rose by 34%.
Apparel revenue increased 33% to £2.8 million, footwear 35% to £962 million and accessories increased 12% to £341 million.
Net income totalled £266 million, with adjusted net income at £293 million with the sports retailer announcing that it will be changing its fiscal year from December 31 to March 31, releasing its outlook for the transition quarter ending 31 March 2022.
The retailer expects revenue to increase at a mid-single-digit rate compared to the previous expectation of a low single-digit rate increase.
Operating income is also expected to reach approximately £22 million to £25 million.
Under Armour president and CEO Patrik Frisk said: “The final quarter of 2021 demonstrated the power and consistency of Under Armour’s strategic playbook, which allowed us to capitalize on improving brand strength and consumer demand.
“By staying hyper-focused on operational excellence and serving the needs of athletes, we were able to deliver record revenue and earnings results for the full year.
“As we navigate ongoing uncertainty in the marketplace, we remain focused on delivering industry-leading innovations, premium experiences, and empowering those who strive for more. Going forward, I am confident that we are running a stronger company – one that is able to deliver sustainable, profitable growth and value creation for our shareholders over the long term.”