Shares of Under Armour Inc. spiked 5.7 percent following the firm’s 54 percent jump in fourth-quarter profits and the double-digit percent growth forecast in both net revenues and operating income for 2013.
For the three months ended Dec. 31, net income rose to $50.1 million, or 47 cents a diluted share, from $32.6 million, or 31 cents, in the year-ago quarter. Net revenues rose 25.5 percent to $505.9 million from $403.1 million.
Fourth-quarter net apparel revenues rose 25 percent to $405 million, while accessories rose 16 percent to $43 million. Net footwear revenues rose 43 percent to $45 million. Direct-to-consumer revenues grew 29 percent and represented 39 percent of total net revenues in the quarter. The company’s net revenue growth for the period represented its 11th consecutive quarter of gains of at least 20 percent. RELATED CONTENT: Click Here for More Earnings Coverage >>
The company said gross margin for the period fell slightly to 50.3 percent from 51.6 percent last year due to a less favorable sales mix and higher air freight costs.
For 2012, profits for the full year rose 32.9 percent to $128.8 million, or $1.21 a diluted share, from $96.9 million, or 92 cents, in 2011. Total net revenues were up 24.6 percent to $1.83 billion from $1.47 billion. Kevin Plank, chairman and chief executive officer, said, “With these strong results in hand, we are well on our way toward delivering on the goal established at our June 2011 Investor Day to more than double our net revenues from 2010 to 2013.”
The company provided 2013 net revenue guidance at $2.20 billion to $2.22 billion, an expected growth rate of 20 percent to 21 percent over 2012. It also forecasted 2013 operating income in the range of $255 million to $257 million, or a growth rate of 22 percent to 23 percent over 2012.
Plank said growth will be enhanced by continued expansion of its consumer base in women’s and children’s, as well as the launch next month of a new product called Armour39.
Shares of Under Armour closed at $50.87 in trading Thursday on the New York Stock Exchange.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)