NEW YORK — Citing new product launches, Under Armour Inc. delivered robust earnings and sales for the second quarter.
For the quarter ended June 30, net income rose 32.5 percent to $2.4 million, or 5 cents per diluted share, from $1.8 million, or 3 cents a share, in the same period last year on sales that gained 63.3 percent to $80 million from $49 million in 2005.
Apparel revenues for men’s, women’s and youth increased 31 percent to $58 million.
“We accomplished the goals we set for the quarter and in the process exceeded our own expectations,” said Kevin A. Plank, chairman, chief executive officer and president of the performance apparel, footwear and accessories company, in a statement. “We continued to drive revenue growth in our apparel business while building the foundation for a broader revenue base in international markets and in new product categories, such as footwear.”
The company released their Click Clack merchandise in the second quarter, which so far has sold more than $15 million in cleats. Plank said its success will open the door for the company to apply Under Armour technology to other athletic footwear merchandise.
Growth in men’s apparel was driven by the golf, training, running and compression categories, as well as expansion of the brand at retailers. Revenue growth in the women’s fitness, training and compression categories increased as the brand enhanced its presence and continued to focus marketing efforts on the female athlete.
The company said it expects annual net revenues in the range of $400 million to $410 million, a 42 percent increase over 2005. Annual net income should be between $34 million and $35 million, an increase of at least 72 percent from last year.