=Under Armour (UAA) reported earnings on Tue 11 Feb 20 (b/o)

Under Armour reports EPS in-line, misses on revs; guides FY20 EPS below consensus

Reports Q4 (Dec) earnings of $0.10 per share, excluding $0.13 of non-recurring items, in-line with the S&P Capital IQ Consensus of $0.10; revenues rose 3.7% year/year to $1.44 bln vs the $1.47 bln S&P Capital IQ Consensus.

• Gross margin increased 230 basis points to 47.3% compared to the prior year driven primarily by pricing including lower discounts to its wholesale partners, channel mix and supply chain initiatives.
• Inventory decreased 12% to $892 mln.

Co issues downside guidance for FY20, sees EPS of $0.10-0.13, inclusive of an estimated $0.01-0.02 negative impact from the company's equity interest in its Japan licensee, vs. $0.46 S&P Capital IQ Consensus.

• Revenue is expected to be down at a low single-digit percent compared to 2019 results (vs +4% estimate). This reflects a mid to high-single-digit percentage decline in North America as work continues to rebalance the business against market demand dynamics and pro-active strategies to better protect the company's premium brand positioning. The international business is expected to grow at a low double-digit percentage rate.
• The company's initial 2020 outlook currently includes an estimated negative impact of the coronavirus outbreak in China of approx. $50-60 mln in sales related to the first quarter of 2020.
• Gross margin is expected to be up approx. 30-50 basis points versus the prior year due to ongoing supply chain initiatives and regional mix benefits.

The company also announced it is considering $325-425 mln in estimated pre-tax charges for 2020, including approx. $225-250 mln related to the possibility of foregoing opening a flagship store in New York City while pursuing sublet options for the long-term lease.

Based on initial assessments and timing of a potential restructuring initiative, the company could realize approx. $30-50 mln in pre-tax benefits in 2020. The company expects to complete its assessment during the first quarter of 2020, and subject to board review and approval, it would announce any potential restructuring charges upon adoption of any plan.

-=Under Armour (UAA) reported earnings on Tue 30 July 2019 (b/o)

Under Armour beats by $0.01, reports revs in-line; guides FY19 EPS below consensus, reaffirms FY 19 revs outlook

Reports Q2 (Jun) loss of $0.04 per share, inclusive of a negative $0.01 impact from the company's minority interest in its Japanese licensee, $0.01 better thanthe S&P Capital IQ Consensus of ($0.05); revenues rose 1.4% year/year to $1.19 bln vs the $1.2 bln S&P Capital IQ Consensus.

• Gross margin increased 170 basis points to 46.5 percent compared to the prior year driven by supply chain initiatives, regional mix and restructuring charges in the prior period offset by foreign currency impacts.
• Wholesale revenue decreased 1 percent to $707 million and direct-to-consumer revenue was up 2 percent to $423 million, representing 35 percent of total revenue.
• North America revenue decreased 3 percent to $816 million and the international business increased 12 percent to $339 million (up 17 percent currency neutral) representing 28 percent of total revenue. Within the international business, revenue was up 6 percent in EMEA (up 11 percent currency neutral), up 23 percent in Asia-Pacific (up 29 percent currency neutral) and down 3 percent in Latin America (up 2 percent currency neutral).
• Apparel revenue decreased 1 percent to $740 million; footwear revenue increased 5 percent to $284 million; and accessories revenue was unchanged at $106 million.

Co issues slightly downside guidance for FY19, sees EPS of $0.33-0.34, inclusive of a negative $0.01 impact from the company's minority interest in its Japanese licensee, vs. $0.35 S&P Capital IQ Consensus.

• Revenue is expected to be up approximately 3 to 4 percent reflecting a slight decline in North America and a low to mid-teen percentage rate increase in the international business.
• Gross margin is expected to increase approximately 110 to 130 basis points compared to 2018. Excluding restructuring charges from the comparable prior period, we expect an increase of approximately 70 to 90 basis points compared to 2018 adjusted gross margin due to ongoing supply chain initiatives and channel mix benefits.

=Under Armour (UAA) reported earnings on Thur 2 May 2019 (b/o)

Under Armour beats by $0.05, beats on revs; guides FY19 EPS in-line, reaffirms FY 19 revs guidance

• Reports Q1 (Mar) earnings of $0.05 per share, $0.05 better than the S&P Capital IQ Consensus of ($0.00); revenues rose 1.6% year/year to $1.2 bln vs the $1.18 bln S&P Capital IQ Consensus.
  • Wholesale revenue increased 5 percent to $818 million and direct-to-consumer revenue was down 6 percent to $331 million, representing 27 percent of total revenue.
  • North America revenue decreased 3 percent to $843 million and the international business increased 12 percent to $328 million (up 17 percent currency neutral), representing 27 percent of total revenue.
  • Gross margin increased 100 basis points to 45.2 percent compared to the prior year driven by product cost improvements, regional mix and prior period restructuring charges, offset by channel mix.
• Co issues in-line guidance for FY19, sees EPS of $0.33-0.34 vs. $0.34 S&P Capital IQ Consensus.
  • Previous EPS guidance of $0.31-0.33
  • Revenue is expected to be up approximately 3 to 4 percent reflecting relatively flat results for North America and a low double-digit percentage rate increase in the international business. 
  • Gross margin is now expected to increase approximately 110 to 130 basis points compared to 2018.

Earnings this week : April 29 - May 3, 2019 (wk 18)

Japan's Nikkei will be closed throughout the week (six sessions) for Golden Week, which will be highlighted by the start of an imperial transition.

Monday (April 29)

• Afternoon: AKS APTS ARE BRKS BRX CACC CGNX CHE CHGG CLR CNI CNO CR ELVT EPR EQC ETH GHL GOOG HLIT HTLF INST JBT JJSF KAI LEG LNTH LOGI MEDP MGM MKSI MOH MUSA NBIX NXPI OGS OII OMF PCH PI RGA RIG SANM SBAC SSB SSD SXI TBI THC TNET TRTX TXRH VRNS WDC WRI WWD YUMC

Tuesday (April 30)

• Morning: AMRC AOS APRN ARCC ARNC AROC BHGE LSE:BP. CCEP CDK CEQP CHTR CMI CNX CNXM COP CRI CRTO CVLT DBD EAT ECA ECL EEFT EIGI EME EQM ETM ETN EXLS FDC FDP FIS FLWS GDI GE GEO GLDD GLT GLW GM GWR HCA HMST HUBB HUN I INCY IPGP IPHS IR KKR LDOS LH LL LLY LOVE LPT MA MCD MCRN MDSO MGP MLM MRK NEO NLSN NYCB OSK PCAR PFE PSX PSXP R RFP SABR SC SCL SF SHOP SMP SPG STX TECH THRM TNC TRS TRTN TTS VIVO WCG WDR WELL WH WRK ZBRA
• Tuesday: AAPL ACGL ACHC ADSW AKAM AMD AMED AMGN APAM ARLO ASH ATR AX BFAM BLKB BVN BXP CAI CAMP CB CBL CENX CHRW CMP COHR CRY CWST CXO CYH DENN DVN EIX ENLC ENPH EQR EXAS EXR FEYE FICO FISV FLEX FOE FTR GNW GRPN HCSG HUBG HURN HVT HY IPHI JKHY KBR LDL LKSD LSCC MC MDC MDLZ MDU MGRC MRCY MSTR MX MXIM NANO NATI NBR NEXA NUS OFC OKE OLN OSIS PAYC QTS QUAD REXR ROG RPAI RRD RRR SOI SSNC STAG SYX TCO TDOC TENB TEX TNDM TWLO UDR UNM USNA VNOM VRSK VRTX WES WIRE WNC ZEN

Wednesday (May 1)

• Morning: AAWW ADP AER ALNY AMCX AME AMRN ASC BDC BKI BMCH BTU CCJ CDW CG CIM CLH CLX CME CSTE CVS DIN DOC EAF EL ENBL EPD ESI ETR EXTR FTS GCI GIB GRMN HEP HLT HRS HUM IDXX IIVI IQV JCI KFRC LFUS LIVN LLL LXRX MGPI MMP MTOR NI NNN NRZ NSIT NVMI ORBC PBF PBFX PBI PNW RCL RDN RDWR SAIA SBH SEE SFS SITE SLCA SMG SO SPR SR ST STRA SXT TAP TKR TMHC TPB TRVG UFS UTHR WD WLTW WYND YUM

• Afternoon: ACAD AEGN AEL AFG AGI ALL AM ANSS APA AR AUY AWK AYX BLDP BNFT BWXT CACI CAKE CAR CASA CCRN CDAY CDE CF CHEF CLI CMPR CONE CPS CREE CRUS CSGS CZR DLB DOOR DXCM EB EQIX ES ESV EVTC EXEL EZPW FARO FIT FIVN FORM FOXF GIL H HABT HCC HCP HGV HI HIG HOLX HR HST ICLR INN INOV KAMN KW LMAT LNC LPI LSI MAA MANT MED MET MFC MITK MRO MTDR MXL MYRG NE NGVT NLY NPO NUVA O OI OTEX PDCE PDFS PDM PE PGRE PPC PRAH PRU PS PSA QCOM QLYS RGLD RPT RYI RYN SIGI SM SQ SRI SSW STAY SU SWM THG TRMB TTEK TTMI TUSK TYL VICI VNDA VVV WHD WK WLL WMB WPX WTI XPO ZNGA

Thursday (May 2)

• Morning: AAON ABC ABMD ACCO ACOR AGCO AGIO ALE APO APTV ARES ARW AVA AVP AYR BCE BERY BID BLL BSIG CBM CCOI CHD CI COT CRAI DAN DISC.A DLPH DNKN DNOW DWDP EEX EXC FLR FLOW FMS FSS GEL GNRC GPN HBI HFC HII HPP HRI IBP ICE IDA IDCC INGR IRWD ITGR JHG K KEX KIM LAMR MAC MD MGLN MNTA MPW MSCI MSGN MTRN MUR NEWM NRG NTCT NTLA NVCR OGE ONDK PCRX PEG PENN PGTI PH PPL PRFT PWR RDS.A RLGY SAGE SFM SNDR SPAR SPGI SRC SSYS STAR STFC STNG STOR TEVA TFX THS TOWR TPX TX UAA UNT USPH VMC W WCC WEX WLH WLK WLKP WP XHR XYL YETI ZEUS ZTS
• Afternoon: ACA ACIA AIV ALEX AMH AMKR AMN ANET ANIK AOSL APPF APPN ARCB ATGE ATUS ATVI BAND BGS BKH BL BLDR BRKR BZH CARB CATM CBLK CBPX CBS CC CCS CNXN CPSI CPT CRC CSLT CTSH CUB CYRX DATA DEI EBS ECOL ED EOG EPAY ERI ERII EXPE FLS FND FNKO FRT FSLR FTAI FTNT G GDDY GILD GMED GPOR GSHD HAYN HLF HTGC ICFI KLIC KWR LGND LNT LOCO LPLA LPSN LYV MATW MDRX MELI MERC MNST MPWR MRC MSI MTX MTZ NFG NP NPTN NSA OEC OLED PBA PCTY PLNT PMT PODD POST PTCT PVG RBBN REG RMAX RMD RPD SEM SHAK SHLX SIMO SPXC SRCL SWKS TDC TDS TMST TRUP TS TSE TSLX TTOO UCTT UIS UPLD USM USX VIAV VRAY WAIR WSC WTR WTS WW WYNN X XOG ZIXI

Friday (May 3)

• Morning: AMT ASIX AXL BCPC BIP CBOE D DISH ESNT FCAU GLOG HMSY IMGN ITT KOP NBL NJR NWL OPI ROCK RUTH SGMS TRP TWI VIRT WPC XRAY

-=Under Armour (UAA) reported earnings on Tue 12 Feb 2019 (b/o)

Under Armour beats by $0.05, reports revs in-line; reaffirms FY19 EPS guidance, revs guidance

• Reports Q4 (Dec) earnings of $0.09 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.04; revenues rose 1.5% year/year to $1.39 bln vs the $1.38 bln S&P Capital IQ Consensus.
  • Wholesale revenue increased 1 percent to $737 million and direct-to-consumer revenue was flat at $577 million, representing 41 percent of total revenue.
  • North America revenue decreased 6 percent to $965 million and international business increased 24 percent to $395 million (up 28 percent currency neutral), representing 28 percent of total revenue.
    • Within the international business, revenue was up 32 percent in EMEA (up 35 percent currency neutral), up 35 percent inAsia-Pacific (up 39 percent currency neutral), and down 15 percent in Latin America (down 11 percent currency neutral).
  • Apparel revenue increased 2 percent to $970 million with growth in the train category. Footwear revenue decreased 4 percent to $235 million primarily driven by lower sales to the off-price channel.
  • adjusted gross margin increased 160 basis points to 45.1 percent compared to the prior year driven predominantly by regional and channel mix, product cost improvements, lower promotional activity, and lower air freight partially offset by changes in foreign currency
  • Inventory decreased 12 percent to $1.0 billion
• Co reaffirms guidance for FY19, sees EPS of $0.31-0.33 vs. $0.33 S&P Capital IQ Consensus.
  • Revenue is expected to increase approximately 3 to 4 percent reflecting relatively flat results for North America and a low double-digit percentage rate increase in the international business. 
  • Gross margin is expected to improve approximately 60 to 80 basis points compared to 2018 adjusted gross margin due to channel mix benefits from lower planned sales to the off-price channel and a higher percentage of direct-to-consumer sales along with more favorable product costs due to ongoing supply chain initiatives.
  • Capital expenditures are planned at approximately $210 million.

=Under Armour (UAA) reported earnings on Tue 30 Oct 2018 (b/o)

Under Armour beats by $0.13, beats on revs; guides FY18 EPS above consensus, reaffirms revs guidance

• Reports Q3 (Sep) earnings of $0.25 per share, excluding non-recurring items, $0.13 better than the S&P Capital IQ Consensus of $0.12; revenues rose 2.4% year/year to $1.44 bln vs the $1.42 bln S&P Capital IQ Consensus.
  • North America revenue decreased 2 percent to $1.1 billion (down 1 percent currency neutral) and the international business increased 15 percent to $351 million (up 17 percent currency neutral), representing 24 percent of total revenue.
  • Excluding restructuring efforts in both periods, adjusted gross margin increased 20 basis points to 46.5 percent compared to the prior year driven predominantly by product cost improvements and lower promotional activity offset by channel mix.
• Co issues upside guidance for FY18, sees EPS of $0.19-0.22, excluding non-recurring items, vs. $0.17 S&P Capital IQ Consensus.
  • Revenue is expected to increase approximately 3 to 4 percent reflecting a low single-digit decline in North America and international growth of approximately 25 percent. From a product perspective, apparel is expected to grow at a mid-single-digit rate, footwear at a low single-digit rate, and accessories is now expected to decline at a mid-single-digit rate.
  • Gross margin is expected be flat to down slightly versus the prior year rate of 45.0 percent. Adjusted gross margin is expected to improve slightly compared to 2017 as benefits from product costs and lower planned promotional activity are offset primarily by inventory management actions.

-=Under Armour (UAA) reported earnings on Tue 1 May 2018 (b/o)

Under Armour beats by $0.05, beats on revs, reaffirms 2018 outlook 

• Reports Q1 (Mar) net of breakeven, excluding non-recurring items, $0.05 better thanthe Capital IQ Consensus of ($0.05); revenues rose 5.9% year/year to $1.19 bln vs the $1.12 bln Capital IQ Consensus.
• Co reaffirms prior 2018 revenue guidance: up at a low single-digit percentage rate reflecting a mid-single-digit decline in North America and international growth of greater than 25%.

Footwear retailers & Amazon

 Footwear retailers drop on the whisper of Nike selling directly on Amazon.

UnderArmour Class A stock changes to UAA from UA.

• Under Armour Class A stock changes to UAA from UA.
• Class C shares will change to "UA" from "UA.C."   Class C shares don’t have voting rights,
• The changes will be effective Dec. 7. 

The Class A shares were by far the more active, with a full-day average of 8.03 million shares traded over the past 30 days, according to FactSet, compared with the Class C share volume of 1.58 million shares.

Through Tuesday, the average daily volume over the past 30 days was about 8.5 million shares for the Class A shares, according to FactSet, and 2.1 million shares for the Class C shares.

The Class A shares closed Friday at the lowest price since July 2014. The shares have now tumbled 24% year to date through Tuesday, while rival Nike’s stock has dropped 18% and the S&P 500 index SPX has gained 8.2%.

The company didn't give a reason for changing the ticker symbols when it was announced last week.

But the company commemorated the change in tickers, and the MLB deal, by ringing the New York Stock Exchange’s opening bell Wednesday.

Under Armour (UA) reported earnings on Tue 25 Oct 2016 (b/o)

** charts before earnings **

 

** charts after earnings **

 

Under Armour beats by $0.04, beats on revs; reaffirms FY16 revs guidance  :

• Reports Q3 (Sep) earnings of $0.29 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.25; revenues rose 22.1% year/year to $1.47 bln vs the $1.45 bln Capital IQ Consensus.
  • Wholesale net revenues grew 19% year-over-year to $1.01 billion
  • Direct-to-Consumer net revenues grew 29% year-over-year to $408 million.
  • North America net revenues for the third quarter grew 16% year-over-year.
  • International net revenues, which represented 15% of total net revenues for the third quarter, grew 74% year-over-year, or 80% on a currency neutral basis.
  • Product categories:
    • Apparel net revenues increased 18% to $1.02 billion, led by growth in men's training, women's training, golf and team sports.
    • Footwear net revenues increased 42% to $279 million, driven by strong growth in running and basketball.
    • Accessories net revenues increased 18% to $122 million, driven primarily by growth in bags and headwear.
• Gross margin for the third quarter of 2016 was 47.5% compared with 48.8% in the prior year's period, primarily reflecting negative impacts from the timing of liquidation, increased promotions, and foreign exchange rates, partially offset by continued product cost margin improvements.
• Co reaffirms guidance for FY16, sees FY16 revs of $4.93 mln vs. $4.94 bln Capital IQ Consensus Estimate. 
  • Reaffirms 2016 operating income of $440 million to $445 million.

Under Armour (UA) reported earnings on Tue 26 Jul 16 (b/o)

** charts before earnings **

 

** charts after earnings **

Under Armour misses by $0.01, reports revs in-line; reaffirms FY16 revs guidance  :

• Reports Q2 (Jun) earnings of $0.01 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of $0.02; revenues rose 27.7% year/year to $1 bln vs the $1 bln Capital IQ Consensus. EPS is inclusive of $0.03 impact from the impairment related to the Sports Authority liquidation. This compares with diluted earnings per share of $0.03 for all classes in the prior year's period.
• Gross margin for the second quarter of 2016 was 47.7% compared with 48.4% in the prior year's period.
• Co reaffirms guidance for FY16, sees FY16 revs of ~$4.925 bln vs. $4.96 bln Capital IQ Consensus Estimate.
• North America net revenues for the second quarter grew 22% year-over-year. International net revenues, which represented 15% of total net revenues for the second quarter, grew 68% year-over-year, or 72% on a currency neutral basis.
• FY16 Guidance: Co sees 2016 operating income in the range of $440 mln to $445 mln, representing growth of 8% to 9% over 2015. Below the operating line, the Company expects interest expense of ~$32 mln, an effective full year tax rate of ~36.5%, and fully diluted weighted average shares outstanding of ~448 mln.

Under Armour (UA) warns after Sports Authority bankruptcy

 

Under Armour (UA) drops following the company lowering its FY16 outlook to account for the bankruptcy of The Sports Authority
Under Armour Inc. says it now expects to take in $120 million less revenue than planned from sales of its sportswear at Sports Authority stores as the retail chain prepares to go out of business. Baltimore-based Under Armour (NYSE: UA) announced it will take a $23 million second-quarter charge tied to Sports Authority's liquidation plans.

In a federal filing, it said Sports Authority's bankruptcy means it will only be able to collect $43 million of the originally planned $163 million in revenue it expected through sales of its merchandise at Sports Authority stores for 2016.

Under Armour is a major supplier to Englewood, Colorado-based Sports Authority, which began liquidating merchandise from its 450 stores recently and is selling off store leases in late June.

In March, when Sports Authority filed for chapter 11 bankruptcy protection, Under Armour said it did not expect the move to impact the company's outlook for 2016. But that changed when Sports Authority said it no longer planned to restructure.

Under Armour had previously projected revenue for 2016 of $5 billion, representing growth of 26 percent over last year. The company now expects revenue of $4.925 billion, up 24 percent over last year.

** charts before guidance **

 

Under Armour (UA) reported earnings on Thur 21 Apr 16 (b/o)

** charts before earnings **

 

** charts after earnings **

 

 ** 2 weeks later **

Under Armour beats by $0.02, reports revs in-line; slightly raises FY16 guidance :

• Reports Q1 (Mar) earnings of $0.04 per share, $0.02 better than the Capital IQ Consensus of $0.02; revenues rose 30.1% year/year to $1.05 bln vs the $1.04 bln Capital IQ Consensus.
• Q1 gross margin was 45.9% compared with 46.9% in the prior year's period (vs 150 bps decline to 45.4% guidance (estimate in-line with prior guidance), primarily reflecting negative impacts of approximately 100 basis points from higher liquidations and approximately 70 basis points from foreign currency exchange rates, partially offset by approximately 60 basis points from improved product cost margins.
• Guidance: UA raises 2016 operating income to $503-507 mln (+23% to 24%) vs +23% to $503 mln prior guidance and +24% to ~$510 mln estimate; raises FY16 revs of ~$5.0 bln, up from $4.95 bln prior guidance vs. $5 bln Capital IQ Consensus Estimate, raises 2016 net revenues outlook to ~$5.0 bln (+26%) vs +25% to $4.95 bln prior guidance and +26% to $5.0 bln consensus.

Under Armour (UA) reported 4Q earnings on Thur 28 Jan 16 (b/o)

** charts before earnings **

 

** charts after earnings **

 

**  2 weeks later  **

Under Armour beats by $0.02, beats on revs; guides FY16 in line with financial targets outlined at the September 2015 Investor Day :

• Reports Q4 (Dec) earnings of $0.48 per share, $0.02 better than the Capital IQ Consensus of $0.46; revenues rose 30.8% year/year to $1.17 bln vs the $1.12 bln Capital IQ Consensus. Gross margin for 2015 was 48.1% compared with 49.0% in 2014, primarily reflecting a negative 70 basis point impact from the continued strength of the U.S. Dollar. Selling, general and administrative expenses as a percentage of net revenues were 37.8% for 2015 compared with 37.5% for 2014, primarily reflecting broad-based investments to support global growth initiatives.
• OUTLOOK: Based on current visibility, the Company expects 2016 net revenues +25% to ~$4.95 billion (vs. $4.9 bln Capital IQ Consensus Estimate) and 2016 operating income of +23% to ~$503 million (~$510mln estimate), in line with the financial targets outlined at the Company's September 2015 Investor Day.

Under Armour (UA) reported earnings on Thur 22 Oct 2015 (b/o)

** charts before earnings **

 

** charts after earnings **