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Under Armour (UA) Fourth-Quarter FY 2015 Earnings Review: Premium Footwear Drove Outsized Growth; Continued Opportunity Ahead

Executive Summary

  • Under Armour reported fourth-quarter EPS of $0.48 versus the consensus estimate of $0.46.
  • Total revenue was up 31% year over year, to $1.17 billion, compared to expectations of $1.12 billion. Excluding currency effects, sales were up 33%.
  • Sales in the footwear category led growth, increasing by 95% due to the success of the Stephen Curry signature basketball line. Apparel sales increased by 22% and accessories sales by 23%. International sales increased by 70% in the period.
  • Full-year guidance calls for total revenue of $4.95 billion versus consensus of $4.91 billion and operating income of $503 million. That represents sales growth of 25% over the prior year and 23% growth in operating income, in line with the company’s financial targets.

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