Sales at Under Armour have dropped during its first quarter for 2024 despite its international and direct-to-consumer businesses experiencing “strong growth”.
Revenue for the quarter ending June 30 2023 dropped 2% compared to 2022, to £1.01bn ($1.3bn), while wholesale revenue dipped 6%.
Meanwhile, the sportswear retailer saw gross profit of £475m ($607.7m), a 5% drop compared to the same period last year.
Despite this, Under Armour kept its outlook consistent for the coming year, expecting revenue to be between flat and slightly up, predicting gross margin to grow by 25 to 75bps.
The firm delivered operating income for the period of £16.4($21m) while its net income was £7m ($9m).
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The company’s president and CEO Stephanie Linnartz said: “We’re pleased with how we have navigated our start to fiscal 2024.
“Our international and direct-to-consumer businesses, both of which realised solid growth in the quarter, continue to deliver aside a challenging consumer retail environment in North America”.
She continued: “Based on this performance, we are maintaining our outlook for fiscal 2024”.
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