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14-05-2025
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Q4 2025 Under Armour Inc Earnings Call
Lance Allega; Senior Vice President, Finance and Capital Markets; Under Armour Inc Kevin Plank; President, Chief Executive Officer; Under Armour Inc David Bergman; Chief Financial Officer; Under Armour Inc Jay Sole; Analyst; UBS Investment Bank Simeon Siegel; Analyst; BMO Capital Markets Sam Poser; Analyst; Williams Trading Laurent Vasilescu; Analyst; BNP Paribas Exane Peter McGoldrick; Analyst; Stifel Financial Corp. Unidentified Participant Krista Zuber; Analyst; TD Cowen Operator Good day, and welcome to the Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.I would now like to turn the conference over to Lance Allega, Senior Vice President, Finance and Capital Markets. Please go ahead. Lance Allega Good morning, and welcome to Under Armour's fourth quarter fiscal 2025 earnings conference call. Today's call is being recorded and will be available for replay. Joining us on this morning's call are under Armour President and CEO, Kevin Plank; and Chief Financial Officer, Dave we begin, I'd like to remind everyone that our remarks today will include forward-looking statements that reflect Under Armour's current views as of May 13, 2025. These statements may include projections about our future performance and are not guarantees of future results. Actual results may differ materially due to several risks and uncertainties, which are described in this morning's press release and in our filings with the SEC, including our most recent annual report on Form 10-K and quarterly reports on Form discussion may also reference non-GAAP financial measures, which we believe provide useful insight into our underlying business trends. When applicable, reconciliations of these non-GAAP measures to their most comparable GAAP counterparts can be found in this morning's press release and on our Investor Relations website at that, I'll turn the call over to Kevin. Kevin Plank Thank you, Lance, and everyone joining us this morning. I felt confident as we closed fiscal '25 and began preparing for this call. Over the past year, we built greater agility into the organization while making purposeful and strategic choices elevating the brand through higher-quality revenue decisions, unlocking meaningful SG&A efficiencies and advancing towards a stronger, healthier Under Armour, all while navigating top-line had a clear and disciplined strategy tailored to the environment we faced in fiscal year '25 and executed it with focus and determination. Today we are energized and optimistic about our tangible progress, recognizing, of course, that there is still much work to be done to arrest our current trajectory and drive brand we look externally, the business environment is currently evolving, is always evolving. But so are we. Yes, the landscape is more dynamic and visibility beyond the near term is unclear. That's precisely why our work over the last 13 months to build the muscle strength of agility and focus matters. We know what it takes to win, and we're will cover our initial thoughts on the current trade policy environment in a bit, but the main takeaway is that we're confident in our ability to manage through whatever lies ahead and stay on we're never satisfied with declining revenue, our fourth-quarter results allowed us to exceed our fiscal '25 outlook, demonstrating some of the foundational traction we're gaining as we reposition the Under Armour brand. Furthermore, we either exceeded or met the initial outlook we provided last May for every line item, with gross margin being our most important metric, that benefited from our strategies of producing promotions in our own DTC we work to regain pricing power, which is the ability to deliver and maintain the full retail asking price, we see a significant long-term opportunity to expand gross margin by reshaping the composition of our business through a strategic refinement in our go-to-market process, by being more comprehensive, ensuring that every detail is considered, from products that only UA can make. This is our reason to exist: innovation delivered with current or forward sales force armed with the technical knowledge of how to explain the UA difference to wholesale the right point of purchase expression at retailer online that tells the finally, of course, social media, collaborator and influencer support that provides the permission for our target consumers to engage with and buy UA. We have a great base to build from, and we'll continue to refine this competency in the coming reflecting on my first year back as CEO, I'm proud of the progress we've made, sharpening our strategy, streamlining operations, and establishing a stronger financial foundation. Most importantly, we've confirmed our identity as a global sports house brand with undeniable authenticity on any court, pitch, or field across the represent the underdog, those who weren't given all of God's gifts but had to instead work harder to achieve excellence but applied the rule of 10,000 hours to master their craft. We like to say that we don't innovate just so that we can run up the score. We innovate just to give our athletes a fighting mindset also means continually striving for improvement. And in that spirit, we're becoming leaner and more intentional, shrinking the battlefield wherever possible, which makes challenges manageable and creates the ability for small wins to eventually add up to large focusing on high-return categories, markets and initiatives. By simplifying the portfolio, streamlining operations and exiting lower-value activities, we're sharpening execution, boosting efficiency and directing capital to its highest impact uses. Fewer things, done better will fuel a stronger, more consistent value working to turn complexity into clarity, and clarity into action. Quick strike capabilities, drive brand heat through trend-led drops, while our 28-million-member global loyalty program deepens engagement and drives repeat purchases. At the same time, streamlining materials, reducing SKUs and efforts to optimize our supply chain will help improve speed, lower cost, and unlock future sharper planning and great flexibility, we're working to run a more agile demand-led model that keeps us aligned with athletes and well positioned to regain market share and expand margins over the long term. At our core, Under Armour was built on the belief that athletes deserve better. Today, we're fulfilling that promise with greater discipline and we evolve, our move toward a category management operating model represents a structural shift and a game changer in how we serve athletes. By aligning product, marketing and regional teams around key categories like training, running, team sports, basketball, sportswear, golf and licensing, we aim to execute faster and create greater athlete-first model gives category teams clear ownership with a single leader responsible for making decisions and acting with speed. At the same time, it centralizes key functions while empowering regional strategies to drive a leaner, more efficient go-to-market engine, strengthening the brand and improving returns. This disciplined approach is how we believe we will unlock value and succeed in the back into my current role and due to the 18-month lead times in our industry, the priority was product. Without great product, there is nothing else. Our spring/summer '25 collection hit retail floors with renewed confidence in the fourth quarter. Even in a challenging sales environment, key apparel wins emerge, heat gear base layer outperformed expectations, our Unstoppable collection delivered strong results, and sportswear is gaining meaningful the center, we're accelerating innovation to energize athletes and elevate the brand. This quarter, we introduced the boldest SlipSpeed yet, Echo, launched with Stephen Curry at the 2025 NBA All-Star Weekend, through a collaboration with luxury car designer, ahead, a premium apparel collection will debut this fall, uniting performance sport and style. The Curry brand continues to expand its impact with a steady flow of the new Curry 12 and De'Aaron Fox 1 colorways, along with exclusive athlete designs, keeping the brand in view and culturally the collaboration front, we've had smaller drops like our UA United Arrows collab in Japan in our partnership with recently acquired Unless, debuting at the Milan Design Week. Our regenerative plant-based sportswear collection of hoodies, t-shirt to shorts, all crafted from natural fibers designed to decompose without leaving toxic residue or we look toward fall/winter '25, our product direction continues to sharpen, and our design language is becoming more cohesive. Our priorities are clear: win in men's apparel, unlock the full potential of footwear and strengthen our connection with women, starting with trusted essentials like bras and bottoms and then building from there to grow her affinity for Under especially energized by the upcoming UA Halo collection, code-named ARA, at our recent investor meeting, which represents a premium expansion into next-generation performance sportswear. UA Halo will debut with really distinct footwear offerings: a trainer, runner and a racer, each designed to meet specific athlete needs while uniquely incorporating the UA logo into the midsole structure, adding support and, just like our logo, perfect the footwear is a range of elevated apparel that signals a new era for the brand in both design and innovation. At the same time, we're redefining our core base layer category with NEOLAST material fiber breakthrough engineered to revolutionize stretch performance in apparel, while being fully we near the completion of our initial 25% SKU reduction over the past year, we're maintaining disciplined inventory management to create space for a stronger, more focused product architecture. Together, these steps will drive brand momentum, enhance profitability and unlock new growth opportunities. Our ambition put simply is to sell so much more of so much less at a much higher full there's a Trojan Horse product in the mix too, a game changer disguised as a backpack, the No Weigh, that's W-E-I-G-H backpack, launched this past Thursday in a short-term test format for us with patent-pending oxetic suspension straps that flex with your body to help evenly distribute weight, creating a lighter feeling from the bag. It's amazing. We're not only testing the bag, but also the $140 price point in an otherwise $40 to $65 market. Similar to what we did last year with our StealthForm Uncrushable hat, bringing innovation to a $13 to $25 market, introducing the UA performance lens and placing the opening price point at $45. And that hat is working for us.I'm providing this level of detail about an accessory item because it's meant to serve the broader metaphor, what we expect to do with our shirts and shoes going forward, with four to six products each season for spring and fall. This example is meant to set the edge for what you can expect from our go-to-market for these key four to six products each season, comprehensive go-to-market strategy that inspires consumers to want to buy UA at premium price points. If you have the chance, please visit our Investor page now at for a more complete visual of our new go-to-market approach and how we're raising the bar here at includes, as I described earlier, first and foremost, an innovative design right product that only UA could build. It also encompasses the tools and the story of how our teams are being prescriptively trained to sell the product: brand-right point-of-sale execution, and finally, social and influencer support to drive buzz and this only happens when the product delivers the magic, and we're confident in our pipeline. We, frankly, have always had great innovation, but believe the largest opportunity lies in the way we holistically support the product with a story that both explains why it is special and also makes you feel something. This is brand, and great companies buy commodities and sell not done a good job enough on the story front for some time, and that changes with the execution we just completed in launching the No Weigh last week in our testing protocol. This will prepare us for when we come back with this bag in a few months for broad market distribution in the critical back-to-school the past nine months and the leadership of Brand President, Eric Liedtke, we've made substantial progress in reshaping our narrative. Today we have a distinct storytelling strategy aligned with our product vision, establishing a cohesive brand voice across all touch points. As our storytelling aligns with the strength of our product innovation in fiscal '26, our objective is to enhance our brand relevance and unlock greater brand particularly focused on young athletes. We're not increasing our marketing spend. Instead, we're making it work harder. With an annual budget of roughly $500 million in some of the world's top sports athletes and assets, we're reallocating resources more intentionally to generate greater brand heat and moments drive brand affinity. As Stephen Curry continues to break his own three-point record, the night he was set to make 3-pointer 4,000th of his career, we created an epic Dave Chappelle narrated campaign that didn't just follow the moment, it defined it. The campaign, which ran across social media, was a cultural splash of brand relevance to put UA at the forefront of basketball fans Lokedi's recent record-breaking Boston Marathon win wearing an Under Armour shoe was another decisive moment for the Velocity ELITE, showcasing its performance on the world stage. We backed it with a full funnel campaign, celebrating her achievement and firmly position Velocity Elite as the go-to choice for runners chasing greatness. Across the lineup now, from the $250 Elite that Sharon has validated, to the $160 Pro, to the $130 Speed, and $100 Pace, Velocity meets runners at every level, driving brand and energy and commercial on this momentum, we're extending Velocity's design language into one of our highest volume footwear franchises, the $75 Assert, which will relaunch with its updated design this fall, further strengthening segmentation and expanding our reach across price points. A more visual description of this product or pricing hierarchy is also outlined on our Investor page. We encourage you to view this and a few other examples of what is different at UA and how we're raising the athlete strategy is equally intentional. New signing like the NBA's Davion Mitchell, WNBA's Nika Mühl, and six NIL athletes who we signed in time for this past March Madness and are part of a disciplined approach to rearchitecting a future-facing roster that we will continue to the impact is clear, 27 UA teams made the NCAA tournament, with one of our Under Armour teams from both the women's and men's bracket reaching the Final Four. In golf, we'd like to extend our heartfelt best wishes to longtime Under Armour athletes and one of the truly great people in sports, Jordan Spieth, as he competes this weekend at the PGA Championship, chasing the elusive career grand all behind you, Jordan. Go get them. And also, this fall, we're reaffirming our American football routes when Under Armour is back on field as an official glove and footwear provider for the NFL, strengthening our performance credentials. Stars like Justin Jefferson and Kyle Hamilton, along with this year's number one draft pick, Cam Ward, further enhance our status in the sports central to our we're evolving our marketing mix to meet modern consumer behavior by emphasizing social, experiential and digital-first branding building. UA Next, which is our global youth activation platform utilizes events like the Under Armour All-American football and volleyball games earlier this year, along with serialized content and grassroots activations that are gaining traction, and partnerships with creators and major colleges like Notre Dame, Wisconsin, Maryland, who helped drive scalable story-driven marks a true shift in our strategy. Fewer, bolder moves, amplified by better storytelling and smarter deployment of world-class assets. This is how we will build brand energy and win share with athletes, partners and shareholders. Under Armour is moving to lead in the dynamic environment among leagues, teams, collabs, influencers and, of course, NIL, and we're making steady progress toward that North American transformation is well underway. Over the past year, we've been working to redefine our e-commerce channel to become a brand flagship, a destination that inspires and elevates. By reducing promotional days and discounts, we've prioritized brand equity and profitability over short-term volume. The results speak for themselves, more than 10-point increase in the full price sales mix, double-digit AUR growth and a more profitable channel we enter year two of this transformation, we'll move even further beyond the outlet model to build a more dynamic, connected and premium digital platform, applying proven lessons from our success in EMEA to accelerate also see a clear opportunity to strengthen our value proposition in physical retail. Driving productivity across our formats remains a top priority. In Factory House stores, our largest North American footprint, we are significantly reducing store-wide sales, events and offering 365 days a year of full price on some products too, focusing on SKU rationalization to create a more curated, premium experience that enhances consumer clarity and operational brand houses represent the pinnacle of UA retail, and we're investing accordingly. Our new campus headquarters flagship store is performing ahead of expectations, and the new aesthetic is helping us shape our next retail concept to model for the more than 2,000 Under Armour branded stores around the world, allowing for flexibility in store size to fit the specific market. Growing our store base is a future ambition as we become more deliberate with our product and the stories that sell in fiscal '26, we'll roll out a tiered market-specific strategy to enhance merchandising and drive productivity across our remains critical and is evolving. We owe our partners great product and a compelling story that results in great sell-through at full price. We know where we want to be and who we want to partner with, and we're using this time to strengthen those key relationships with transparency of our brand direction underpinned by our conviction in offering fewer products with more intention that could only come from category-led model significantly helps there, combined with a sharp and go-to-market discipline that we expect will result in greater demand from both the consumers we have today and the new ones we are inviting to engage with EMEA, our top-performing region in fiscal '25, we're maintaining the discipline to protect the brand strength we've built. Strong partnerships and a clear category focus will drive momentum. In fiscal '26, we'll concentrate on key growth markets like France, Spain and Germany, while deepening brand advocacy across global football, running and sportswear anchored in APAC, we're resetting the marketplace now to foster sustainable premium growth. Despite a highly promotional environment, our efforts to streamline inventory, reduce discounting and enhance sales quality are laying the groundwork for healthier a few months in now, though brief, early signs indicate that it's working. UA's strong performance-driven brand equity and best-in-class distribution infrastructure position us to scale with appropriate patients and pace. We'll continue to apply proven strategies from North America and EMEA to drive full-price demand across key the core of our progress is a high-caliber leadership team united by purpose and built to drive sustained performance. We haven't just added talent, we've attracted exceptional proven leaders, many of whom you met at our December Investor Meeting. This represents a structural shift that signals a cultural transformation at Under Armour. Higher standard of excellence is firmly taking root, and I'm committed to ensuring the leadership strength translates into sharper execution and improved results. We're quite simply raising the bar at impact is clear, and it is our culture that stands to benefit. The move to our new headquarters has accelerated this shift infusing the company with fresh energy and new ideas. While cultural change takes time, the foundation is firmly in place and the momentum is unmistakable. We're building a more connected, agile and performance driven Under Armour that seems to be taking also welcomed three new Board members: Dawn Fitzpatrick, Eugene Smith, and Rob Sweeney. Each bringing expertise in finance operations and sports, their leadership directly supports our strategic priorities, accelerating financial performance, strengthening our connection with athletes and fueling brand heat. They'll be instrumental as we unlock new growth and position UA for we enter fiscal '26, sustaining momentum across product, story, service and team is critical for advancing our brand transformation. We move forward with clarity, conviction and discipline, thoroughly attuned to the shifting global landscape and ready to navigate it with agility and ambition goes beyond a comeback. It's a reinvention. Under Armour's greatest chapters remain in front of us, a future driven by sharper focus, bolder innovation and deeper connections with athletes. We're operating with urgency. While we may have more time than we think, we do not have as much time as we would like. So we're just getting to the right team in place, a clear strategic vision and an unwavering commitment to excellence, we're not merely preparing for the future, we are determined to dictate with that, I'll turn it over to Dave, who will walk us through our fourth quarter fiscal '25 results and provide further insight into our outlook for the first quarter. Dave, over to you. David Bergman Thanks, Kevin. Moving straight into our fourth quarter fiscal '25 results, which exceeded expectations and allowed us to surpass our full year fiscal '25 outlook. From a revenue perspective, the fourth quarter was down 11% to $1.2 results by region follow. North American revenue declined 11%, primarily due to a decrease in our DTC business, which was driven by lower e-commerce sales resulting from our ongoing efforts to limit promotional activities. This was accompanied by a decline in revenue from our owned and operated wholesale, we experienced a decrease in full price sales, which was partially offset by an increase in the timing of sales to the third-party off-price channel. Revenue in EMEA decreased 2%, although it remained flat on a currency-neutral basis. Furthermore, the decline in full-price wholesale was partially offset by growth in our direct-to-consumer, distributor, and off-price with our expectations, revenue in APAC was down 27% or 26% when adjusted for currency fluctuations. This decrease was primarily due to the highly competitive and promotional environment, as well as our efforts to foster a healthier business, including adopting some of the same strategies we've employed in North America for our e-commerce Latin America, revenue declined 10%, primarily due to unfavorable foreign exchange impacts. Without FX, currency-neutral revenue rose by 3% in the quarter, driven by our distributor a channel perspective, wholesale revenue decreased 10%, driven by lower full-price sales, partially offset by growth in the off-price channel and the timing of those sales to third-party partners. Direct-to-consumer revenue was down 15%, mainly due to a 27% decrease in e-commerce sales stemming from ongoing efforts to establish a more premium online presence through fewer promotions and at our owned and operated stores declined by 6% during the quarter. Licensing was down 15%, primarily due to the decision to bring our socks business in-house. This will be the final quarter of comparing this business by product type, apparel revenue was down 11%, with softness across most categories in the quarter, partially offset by strength in outdoor. Footwear declined by 17%, reflecting in part our ongoing proactive portfolio management efforts as we work to optimize segmentation and assortment. And our accessories business was up 2% in the quarter, with strength in team sports and run. The category also benefited from our decision to bring socks fourth quarter gross margin increased 170 basis points year-over-year to 46.7%. This increase was driven by 150 basis points of supply chain benefits due mainly to lower product and freight costs, 80 basis points of pricing benefits, primarily from lower discounting and promotions in our DTC business, as well as some impact from more favorable royalty terms. And roughly 20 basis points were gained from favorable foreign currency impacts and product mix. These benefits were partially offset by roughly 90 basis points of unfavorable channel and regional to SG&A, which increased 1% to $607 million in the fourth quarter. Excluding roughly $16 million in transformation expenses related to our fiscal 2025 restructuring plan and around $5 million in litigation settlement expenses, our adjusted SG&A expense was $586 million, up 7% versus last year's adjusted number. This was driven primarily by higher marketing expenses and incentive compensation, partially offset by savings from ongoing cost management efforts, including lower consulting during the fourth quarter, we recognized $16 million in restructuring charges, and combined with the $16 million in transformation expenses recorded in SG&A, we had approximately $32 million in restructuring charges and related expenses for the far, under our fiscal 2025 restructuring plan, we have recognized $89 million in restructuring charges and related transformation expenses, of which $55 million is cash related and $34 million is noncash. Expectations for total charges and expenses under this plan remain within a range of $140 million to $160 million, and we anticipate the remainder will occur by the end of fiscal down the P&L. We recognized an operating loss of $72 million in the fourth quarter. Excluding the transformation expenses, litigation settlement expenses and restructuring charges, our adjusted operating loss was $36 the bottom line, our reported diluted loss per share was $0.16 while our adjusted diluted loss per share was $ to our balance sheet. Inventory was down 1% year-over-year to $946 million, which align with our expectations to finish in line with last year's level. Our cash balance at the end of the quarter was $501 million, and we had no amounts outstanding on our $1.1 billion revolving credit we repurchased $25 million worth of our Class C stock during the fourth quarter, retiring 4.1 million shares. So far, under our three-year $500 million share repurchase program, we have repurchased $90 million of our Class C stock, retiring 12.8 million going briefly into our full-year results. Fiscal '25 revenues declined 9% to $5.2 billion, slightly better than our expected 10% decline. North American revenue was down 11% for the year, EMEA was flat, and APAC revenues declined 13%. Our full-year gross margin increased by 180 basis points to 47.9%, surpassing our outlook. This improvement was driven by reduced freight and product cost and the benefits of lower discounting in our DTC channel, especially in year SG&A expenses rose 8% to $2.6 billion. Excluding a $266 million litigation settlement expense, approximately $31 million in transformation expenses, and a $28 million impairment related to exiting our previous headquarters, adjusted SG&A expenses decreased by 2% to $2.3 billion. This decline was primarily attributed to cost management initiatives, including the benefits realized to date from our fiscal 2025 restructuring loss was $185 million, and excluding transformation expenses, restructuring, impairment charges and litigation settlement expenses, adjusted operating income was $198 million, slightly ahead of our prior outlook of $185 million to $195 million. Full-year diluted loss per share was $0.47 and our adjusted diluted earnings per share was $0.31, which was above our previous outlook of $0.28 to $ into fiscal '26 and building on Kevin's remarks, it's important to recognize the plan we established before the announcement of recent tariff changes. As we enter the second year of our turnaround, we've made measured progress across our strategic, operational and financial the recent changes in trade policy, this translated into an expectation of a modest top line contraction for fiscal '26 as we continue to prioritize higher-quality revenue and brand strength while driving further gross margin expansion and getting back to leveraging our SG&A cost structure, altogether driving operating income that was set to be ahead of fiscal '25 since changes in trade policy are expected to have a significant impact, we are proactively evaluating a range of mitigation strategies. This includes exploring potential cost-sharing initiatives with key partners, diversifying our sourcing footprint to minimize exposure to affected regions where feasible, and examining targeted price adjustments to protect margins in areas with unique pricing provide a clearer view of our global sourcing profile, approximately 30% of our volume is sourced from Vietnam, 20% from Jordan, and 15% from Indonesia. The remaining one-third is strategically diversified across a number of other countries, each representing a low to mid-single-digit percentage. This deliberate diversification creates a well-balanced portfolio, reducing reliance on any single market and enhancing our ability to navigate geopolitical costs and supply chain complexities from a position of also remain focused on managing SG&A by enhancing organizational efficiency, tightening discretionary spending, reducing travel and third-party costs and concentrating investments on initiatives directly supporting near-term revenue and margin the significant uncertainty that tariffs create concerning potential shifts in consumer demand and rise to product cost, we believe limiting our outlook to the first quarter of fiscal '26 is prudent. This measured approach demonstrates our commitment to maintaining flexibility and ensuring transparency as we navigate the evolving such, we expect our first quarter revenue to decline by 4% to 5%, with North America also experiencing the same rate of decline due to softness in our Spring/Summer '25 wholesale order book, which we detailed in our last few calls. We anticipate high single-digit revenue growth in EMEA, supported by FX tailwinds and the Easter shift, along with a mid-teen percentage decline in APAC as we continue actions to lay the groundwork towards a healthier gross margin, we expect an expansion of 40 to 60 basis points compared to the previous year. This includes anticipated benefits from a more favorable product mix, reduced product freight costs and favorable foreign exchange rates. It is important to highlight, however, that changes in tariff policy are not expected to significantly impact our first SG&A, we remain focused on cost management in the context of our expected top line decline in the current operating environment. Excluding anticipated transformation expenses related to our fiscal 2025 restructuring plan, adjusted SG&A expenses are expected to leverage slightly compared to the prior year, driven mainly by ongoing savings from actions taken under our restructuring plan and other spending this together, we expect adjusted operating income to reach $20 million to $30 million and adjusted diluted earnings per share to be $0.01 to $0.03 in the first quarter of fiscal ' closing, while the environment remains dynamic, the sharper agility and stronger processes we've embedded give us confidence in our ability to manage near-term challenges while staying squarely focused on long-term value creation. Most importantly, we have the right team, energized, resilient and relentlessly committed to delivering an authentic brand and business remain unwavering in our strategic priorities, firmly believing they position us to unlock our full potential while maintaining the flexibility to adapt. Simply put, we are ready and built for what's we'll open the call to questions. Operator? Operator (Operator Instructions) Jay Sole, UBS. Jay Sole Great. I'd love to ask about the North American reset. Can you just give us a little bit more color and dive in a little bit more about how it's working and how it's shaping up in fiscal '26? Kevin Plank Hi, Jay. Thank you. Well, first and foremost, this always begins with leadership. And we're very fortunate to have Kara Trent, who's my -- our partner here, and she's also the one who ran this play for us in Europe. So she is battle-ready and has brought that now in the chair for the last 14 or so months here in North America. And so that being the playbook that we're running here, it's just -- it's a great practice for us to have that kind of leadership is great, and I'm happy to say that the team is substantially built around Kara as use the theme of modeling the behavior that we want to create, meaning we've gotten to work and taking ourselves out a bad situations with some of the constant discounting that I think, for too long, we were leading the conversation with consumers with. It was wishful thinking for us to get us positive, and that's why we use a metaphor of something like the backpack. I think it was our attempt to just try to demonstrate this is what we think excellence looks trying to show you, even through something like an accessory, when we get it right, because I don't believe we've done that -- I think we've made great product, but I think we've been somewhat limited to walking into a store and, frankly, finding clothes on a hanger. The story for a company like Under Armour that spends years, validating our factories, our fabrics, the products that we build, I don't believe that story had come this comprehensive, I think, metaphor of, number one, you need a great product. So I'll use a backpack because you put it on and you're like, wow, it feels like half the two, the ability for us to communicate that to our to our sales forces and then to understand how to sell that. Number three, the appropriate in-store POP, what it's going to look then finally, again, as I said in my prepared remarks, the way that we're engaging with social media and changing away from just traditional media into things which are more relatable to that 16- to 24-year-old we're looking to go to.I'm not sure we have a time line, but we will have as much better execution. The ability for us, when I say model the behavior, if we can do that, what I described with the backpack, and you imagine laying that into something like the Halo trainers that releases, our Unstoppable collection where, as you'll see, we're reinventing our base layer, building on the base and core that we have, but looking forward to what else that can be, I think begins to be the opportunity that we there's a -- I feel like prior to April 2, I think we had a really good line of sight. It wasn't perfect. As Dave said, we weren't ready to grow. We are still in an ability of contracting where we were right now. But we feel like we're getting on our front foot.I think that begins with the belief that we have from the team and the ability for us to know that we can move this brand to something that's much more affectionate from the the brand momentum, it should build ahead of the revenue. But the 18-month reset that we talked about in May of 2024, we're not far from that. We're progressing as planned through the year-end. So we're working with our wholesale partners, we're building confidence from them. And it's just one step at a time right we're basically -- we're in a fixed bayonets and down to hand-to-hand and we know what it takes. And there's a lot of good competitors out there, but we feel like we've got a pretty good story, and we've got a compelling brand as well. Jay Sole Got it. That's great. If I can ask one more. Maybe can you share just some more details about your upcoming major brand activation. When will we be able to see it? Kevin Plank Yeah. We told you that it was going to be a large full force campaign that we're going to have. But to be clear, it's embracing that underdog DNA that we've spoken about, I think, several times, including our investor meeting back in December. Eric is digging into this marketing function. So just getting our arms around also brought in a new SVP of Branded Americas Marketing in Tyler Rutstein, who really has driving a lot of that connection that we want to the target what you're not going to see is just a big campaign with Super Bowl ads. It is going to be smaller breakdowns of content that's relevant to the channel where we're marketing. The idea we have from a branding or marketing standpoint is that, I think anyone would tell you, we make good product. What we need though is we need permission from this kid, more importantly, the person that that kid is looking to across social media, the influencers, the NIL, the athletes, the others. And so that's where I think we're doing a better job of just telling the story of the product and making sure they understand that -- what the brand DNA is all about.I can't emphasize enough a big part of this is -- what's coming with this campaign is that we're leading with story, we're not leading with a price. The activation, it will mostly be in the back half of the year too, Jay. But as I said, you're going to feel this in more sort of micro doses than you will as one sort of big splash. And we think that's the most effective way for us to deal with our marketing dollars right now.I also think that you'll feel the benefits of this as we get probably a little more focused with our category management structure. And that's what's going to lead us, is that each of those GMs, five separate GMs that we have, of driving across selecting the right influencers, making sure that we're in the culture, what NIL will do for then we're going to lean on some of these intrinsic assets we have. And I don't just mean our sort of headline or banner athletes like the Stephen Currys or the Justin Jeffersons, but it's also getting into NIL athletes. It's leaning on our UA Next platform, which is we found just as part of -- a kid who hasn't engaged with Under Armour or seen us without UA Next, the NPS score is something that we believe can be significantly improved if a kid has seen us or interacting with us through our 3,000 high school base that we have, plus how that rolls up to our All-America or UA Next events, the consideration goes up considerably, up into the high 50s and so we're going to continue to build out these platforms that we've got long-term legacy and you'll continue to see us just spend our money a lot more thoughtfully and product marketing is going to be a part of this as well, I think as we're showcasing with the backpack because I think that's the greatest example of what does this brand mean or stand for. It gives us the ability to do that, ensuring that we give them the, A, what it is; B, what it does; and C, how it's going to make you better in the whole time, allowing you to feel something. That's what brands do and I think we're in the process making happen. Operator Simeon Siegel, BMO Capital Markets. Simeon Siegel Kevin, how are you thinking about the path, just normalizing e-com specifically maybe with the planned reduction in promo activity? Is there a specific revenue level or just some other way we can think about the timing, duration, maybe magnitude of the expected e-com revenue declines and stabilization?And then, Dave, I think you noted the costs related to the restructuring plan. Just how are you thinking about the expected savings from? And I guess current uncertainty and tariffs notwithstanding looking a little bit longer term, how you're thinking about the ability to take SG&A expenses out of the model with this new lower revenue base? Kevin Plank Yeah, Simeon, I'll kick off with e-com. Obviously, we've been able to report positive traction after a year in controlling the controllables, which is our own DTC business is great and proved positive in the full price sales mix on our website up double digits year-over-year with prolonged clearance down.I think what we want to do is make sure that this isn't just meant to be a transactional site where people go and they find the grids, but they're actually looking and they're being brand inspired. I think too many sites is there's a lot of efficient ways to order products from a lot of different places. But when it's on our site, they should be required to see the story because I think that is our is our moat. And I think that, for too long, we've become, frankly, just clothes on a hanger. And also on an e-commerce front, point of view is incredibly important. It's not welcome to our website or welcome to our store, here's a bunch of stuff, what would you like to buy? But being very why I used that analogy of when we're getting it right, what we're showing what we did with the backpack and trying to use that metaphor, it's more about being able to have four or six expressions of that a year, imagine what that will look like when it manifests through the new Halo product that we drop later this year as well. And so that will be felt on our website too, and ensuring those other is also really important for us. It's -- we've got 18 million rewards members in the US alone, 10 million over in APAC for us. And active members, one thing that we found, which is a massive opportunity, generate about 50-plus percent more of our revenue and have doubled the repurchase rates. And so with loyalty over 50% of the it's really getting a slot and getting us close in really understanding who our consumer is and how we can speak to them in a better way.I think also, again, the way that we showcase online. You're not just going to find a grid page with a static picture, but using a lot more video being a lot more dynamic. So we're working on the back-end infrastructure of our website as well, and that's been really important for us. Social commerce is going to play a part in what we're looking to do as well. And Tyler and team have been really driving that down on a grassroots all in all, in short, a healthier brand-right e-commerce foundation for sustainable growth is what we're looking to, and we're going to have great stories to tell, and what better platform than our own channels. David Bergman Simeon, on the restructuring and SG&A side, as we drove through the restructuring plan in '25, we brought about $35 million of savings in fiscal '25 from that. You think about the full year run rate of those actions and then layering on the additional actions for fiscal '26, especially the closure of the Rialto DH out in California, that expected run rate savings on a full year as we get to the end of fiscal '26 is going to be closer to $75 million or so, which we're excited about. And then essentially a little bit higher than that as you step into fiscal '27 and you have a full year of all the fiscal '25 and '26 that's definitely helpful and a big step in the right direction for us. And as we stepped into planning for fiscal '26, pre-tariffs, we were looking for slight leverage in our cost structure, which is a great step in the right direction as we're also seeing that as we plan out just the Q1, that the outlook that we've given. We do want to be mindful not to cut too deep when we think about any additional SG&A work that we want to drive, depending on what happens from a tariff and overall demand scenario, especially in brand marketing where sustained investment is critical to the long-term breadth and health of the we do manage each of our expenses pretty tightly now. We've made a lot of progress there. A lot more discipline around consulting, around CapEx spending, discretionary spending, T&E. Again, as Kevin mentioned, optimizing the marketing, spending smarter, not more. And we've been able to reduce the SG&A now for multiple years in a we're definitely getting to a pretty good spot, and we're going to continue to manage it tightly as we drive through the year. Operator Sam Poser, Williams Trading. Sam Poser I guess, can you give us some idea, it sounds like you're -- about the inventory on hand, units and dollars and how, like are there a lot less units now within the inventory relative to the dollars? And how do you look at that moving over time, as well as the units and dollars in the revenue both in fourth quarter and sort of within the guidance relative growth of each? David Bergman So from an inventory perspective, again, we feel pretty good about where we landed the year, pretty much right on what we expected. Obviously, we're managing this year pretty tightly as we get into fiscal '26 and a little bit of the uncertainties around demand with the current tariff environment. So we're being pretty tight with that, managing the POs. We do expect that wherever demand ultimately develops through the year, that we'll be able to manage inventory within a pretty tight range to the cost per unit is going to be going up. By how much, we're not sure as, obviously, with each announcement that seems to change a little bit. But we feel confident in our ability to manage it tightly. We don't have a large percentage of old or excess inventory. A lot of it is we believe that we're going to be able to use our factory houses in a really positive way to move through a lot of that, and then, obviously, still tapping the off-price channel a little bit, but staying within our kind of our operating principle where we've been keeping that to the 3% to 4% mix of revenue as we did in fiscal ' relative to the Q1 guide, again, we're not necessarily getting into too many details for full year. But on Q1, we feel pretty good about the outlook that we gave. There's not that much change in price versus unit in the Q1 guide. More of that will probably come as pricing changes come about later in the year. Sam Poser I don't -- I think I may have said it wrong. Your inventory is up 18% at the end of the quarter in dollars. What are the units up? And then within the guidance that you provided for the first quarter, with revenue down 4.5% to 5%, do you expect units, given that you're trying to make -- or units going to be down less given that you're trying to -- as you evolve to this more premium goal that you're aiming towards? I'm not trying to figure out if your inventory is in line or not.I'm really trying to figure out, are the ASPs going to steadily work their way up within the guidance and within the inventory levels, so your units will be -- if your inventory is down 18%, your units are down 25%, which would then mean that you're basically elevating your brand? David Bergman Yeah. I guess, Sam, the way that we're looking at is a little bit more holistically because there's going to be puts and takes between the different regions. We did take some returns in Q4 of fiscal '25 to help make sure that we are coming into this year healthy. More of that was footwear driven, which has a little bit of a higher unit cost. So there's a lot of mixed items going on.I don't know that digging into it relative to the unit progression from Q4 into Q1 is going to tell much more of a different story for us. Kevin Plank Sam, just to be clear, inventory is down 1% in the quarter. Down 1%. I thought you referenced plus 18%. Sam Poser No, I'm sorry. I'm sorry, down 15%. I'm sorry, I'm looking at -- I apologize for that. Inventory down -- with inventory down -- with inventory down, I mean the question is, are units down more than the dollars or less than the dollars as a percent? And then do you foresee going forward that, as your inventory gets to the appropriate level, that you're -- as you elevate the brand, will your dollar inventory grow faster than your unit, like would units be less as you get more focused? Kevin Plank I got you. What I'm looking for is -- when I use the selling so much more of so much less at a much higher full price, one of the key metrics that I track daily is average unit retail and just saying, are we -- is the price that people are willing to pay for Under Armour more or less and looking at that across apparel, footwear and accessories equally? So we're highly tuned to yes, of course, our -- hopefully, we're driving that in margin, we're driving that and what people feel about the brand. But yes, that's going to be better, more premium product, is that we're not looking to take 6% of the lycra out of Garmin A, B or C and how that will translate into us building more margin that way. Pricing power is incredibly important for any brand. It is one of the things which we are keenly focused on. And so that means we can't just show up with the Joneses in $10 and $15 bins, selling product by the we're going to be incredibly intentional and very specific with the products that we bring to market. Yeah, it will cost more money for sure. But we need to prove that. We'll take it one step at a time. And we've got a great base to build on. Operator Laurent Vasilescu, BNP Paribas. Laurent Vasilescu Kevin, Dave, it makes sense you're not guiding for the full year, but can you possibly speak to your fall order book? How has it changed over the last few months due to the tariff noise? And should we assume a certain rate, like could it be slightly down for -- on a year-over-year basis? David Bergman Yeah, I'll jump in on that one. Right now, we're definitely limiting to Q1 at this point. And a lot of that, if you think about it, with the tariff rates, they're pretty much temporary at this point. They may change significantly. So we don't feel it's prudent to give outlook that we'll also have to change and be adjusted kind of announcement to announcement. So we're trying to be prudent there. So we're really only looking at Q1 covering Spring/Summer ' I would say that the product feedback has been positive. And the influence of the new product organization, I think, is clearly visible. And as momentum grows, Fall/Winter '25 will build into spring/summer '26. And at this point, even with the tariff and uncertainty, we're not seeing any key partners with cancellations. I think our partners know that they're valued and we're really focusing on we're giving them reasons to believe, and Kevin went through a lot of those points in his prepared remarks. And I think that there are clear improvements in the design and style that are being noted by our partners. So regaining shelf space takes time as you think about back half of the year, but our focus and execution are improving, and we're seeing those results. Laurent Vasilescu Very helpful. And then on the gross margin, again, another great quarter. I think you called out, Dave, 150 bps of supply chain benefits due to mainly from lower product and freight costs and then 80 bps from just lower promotions. I would presume that there's -- the 80 bps continues to be a positive going forward. And then how many more quarters do you have of the 150 bps of benefits from just lower supply chain costs? Does it end in 1Q? Does it continue?And then lastly, again, EMEA guided up high single digits, wow, for first quarter. How should we assume that? Is that just kind of a wonky first quarter? Any onetime things that we should consider? Or is that just continued momentum for the brand in that region for the foreseeable future? David Bergman Yeah. I think relative to gross margin, prior to the new tariffs, we were looking for continued gross margin expansion due to continued product costing improvements, ongoing work with the higher quality revenue including the DTC discounting and promotion reductions and a little bit of slight expected FX headwinds. However, the new developing tariffs will create, obviously, some significant headwind. And so we're only providing Q1 at this larger benefits when you think about Q4 of '25 with the favorable supply chain impacts, product cost rate costs, some of that will continue, but we've got a lot of that that's been recognized and worked through with our partners through fiscal '25. But I wouldn't expect or anticipate that those benefits would be as large in fiscal ' then same thing relative to the DTC discounting favorability. Because we took such big strides in fiscal '25, especially in Americas, we wouldn't see as much of that year-over-year benefit continuing as an incremental benefit in fiscal '26. There's a little bit of benefit there in APAC as we started to do more of that as we're helping to clean up and reset APAC a little bit, but definitely not to the magnitude that we saw in fiscal ' then, Kevin, I don't know if you want to touch on EMEA? Kevin Plank Yeah. Let me just sort of give a global picture first, which is we recently made some leadership moves in APAC that we're into about four, five months into that process and have the markets actually reporting into me and I'm heading over there in a few weeks it relates to EMEA, not unlike we have here in America, you heard the affection that the team really has for our leadership, and Kara here, where we're fortunate to have A+ leadership in EMEA as well with Kevin so the kind of momentum that we've had, again, that began under Kara's watch over there and that Kevin has really just accelerated over the last 18 months or so, it allows us to play offense. And it feels great. It's a great goal that everybody can look around the world and say this is what it feels like when you're just winning on a consistent so I think what's there is they have a really clear proposition for the consumer, authenticated in sport, specifically football. We've got nearly 30 athletes across all of the European leagues, highlighted by winners like Achraf Hakimi who plays for PSG and playing the Champions League Final in Germany, I think, this weekend. And again, that speaks to just what we have. We've got a bit of a cultural following now that's coming out of Europe, specifically out of France and Paris and in the UK well positioned with strong fundamentals. I think that this ambition we have, which is people seeing Under Armour's moat, which is it's not just a cool hoodie or a nice top or a great shoe, but people know that, if it's UA, it's got the performance aspects to it. And so we're really building on that, and that means rooting and authenticating ourselves in sports and sport where we I think we just have a great product that we're putting the football boot, we have athletes calling us, agents calling us, clubs calling us as well for our position there. And I think that's what feeds the entire ecosystem, in addition to great relationships with Sports Directs, the JDs, Intersports, El Cortes Ingles as well as our distributorships that we have in places like I think we're just doing things right there. And then as we continue to just lean on the product as we continue to become more full force with things like some of our sportswear expressions that we have launching Halo, there's just a lot of energy and excitement for the brand. Echo is doing really well for us there also. So we're learning a lot, but again, it's good to be able to look at EMEA and just see what success really looks like. And so that ambition, it all fosters from that playbook that we've been running there for quite some time. Operator Peter McGoldrick, Stifel. Peter McGoldrick With ongoing evolution of the good, better, best products pyramid, I was curious if you could talk about the structural product offering influence on AUR and underlying gross margin as we look forward. Kevin Plank Yeah, sorry, let me just give you structure wise. So I think a great example of a metaphor that we have from a product standpoint of how we're thinking about the business. Today we talked about we make a lot of good;, we make some better, and nowhere near enough best. We're looking to reshape our business with about 25% good, 50% better and 25% best. So we're looking to just ladder what we don't want to do is we're not looking to necessarily limit the amount of good product we have. We just want to reshape this business.A great example of that, I think, is what we use with Sharon Lokedi and the Boston Marathon. This is also on our Investor page, it spells it out really simply. But when you can authenticate at the highest level with something like the Boston Marathon, to smash a course record like Sharon did just a couple of weeks ago, in the $250 Elite product that we have, Velocity Elite, it really sets the what we've done a good job, I think where we've lost this is we sort of had a running execution. Now we're actually taking that hierarchy all the way down through the ecosystem, meaning you've got the $250 Elite shoe that will be in specialty run. We then have commercialized that with $160 version, you'll find in like big-box sporting goods and some run specialty as $130 version, a $100 version as well that we can open and bring down to family, and then as well as that design lines roll into our $75 Assert. And building this, it was the same designers that worked on the Top Elite from an overall aesthetic standpoint, all the way down to the $75 so I think that's where we're just getting a lot more synergy with our product as it relates to one another. Apparel is no different, and we're getting it right. I think you'll see that from Halo, it is going to be a pinnacle expression from us, but it is going to be -- and it also crosses us and pushes us from, A, it's authentic product that's great to perform in, but also most importantly, it also looks great as well. And of course, it has the Under Armour DNA. So fixing that is something which is really important for us. David Bergman And I think, Peter, when you think about AUR and also even ASPs too, in fiscal '25, we had a pretty much lower e-com mix. We also had a lower APAC mix. We also had lower footwear mix. All three of those contributed to a little bit lower ASPs. As we drive further into fiscal '26 and back half of fiscal '26, those things will probably change a little bit from a mix perspective and will help ASPs in as we kind of comp the promo and discounting reductions that we've been doing, that will start to stabilize and turn more towards a positive for us. So we're definitely focused on that and we're going to keep driving that forward. Peter McGoldrick Okay. Thank you, and Dave, I recognize the challenge in forecasting and guidance, but I was curious if you could give us a run rate gross tariff impact to COGS given current level of visibility. David Bergman Yeah. Listen, I totally appreciate the question. And obviously, we're running through a lot of different scenarios at this point. And every few days, it seems like there's new information and new rumors out there. So at this point, we're going to kind of stay prudent and just speak to then obviously, we would hope to be able to give a lot more color on that as we get to the next call. Operator Paul Lejuez, Citi. Unidentified Participant This is Kelly on for Paul. Appreciate you giving some color on how you were thinking about the business prior to the tariff announcements. Could you just help us bridge the gap between the kind of down mid-single-digit 1Q revenue guide and the expectation, again, prior to tariffs for sales down slightly? If you could just maybe talk about that from a geo and channel perspective. David Bergman Yeah. I mean, I guess a couple of things there. We are giving the outlook for Q1 to be down 4% to 5%. We did mention that prior to the tariff announcements and a lot of the uncertainty over there, we were anticipating a full year modest revenue decline as we continue to kind of work to reset and strengthen the brand and progress on our strategic priorities. That decline that we were anticipating for the full year was anticipated to be a little smaller than the decline we had in fiscal '25, so to kind of give a little bit of a box around then also expecting some gross margin expansion due to the continued costing improvements and also some of the continued reductions in DTC discounting and promos. And then with the SG&A, leveraging that, we expect to start driving in fiscal '26 as well, landing with operating income that was going to exceed fiscal ' that was a lot of the work that we were driving towards, and we're going to keep focused on all of those areas as we learn more about the tariffs and any potential demand impacts. But we feel pretty good about that. And you can tell from the outlook in Q1 that would basically back you into originally thinking our back half was going to be slightly better than our front half. Again, we'll have to see how things develop now with the tariffs and the uncertainty that are out there. But that's originally what we were seeing. Unidentified Participant All right. And just one more from us. On the sort of the North American DTC channel where you've been seeing some weakness due to pulling back on e-com, as you started to lap those promos, I mean should we expect your DTC channel growth in '26, obviously, outside of some of the tariff stuff? Or is what's happening with the rationalization in the factory outlets going to sort of offset that? David Bergman Yeah. Again, we're not going to give a lot of detail on full year, but what I would say is that, as we move towards the back half of fiscal '26, we would have made a lot of those steps in finishing those plays from a DTC and health perspective in North the pressures that we've had in DTC North America because of a lot of those strategic decisions should be much more minimized in the back half of fiscal '26. And so we feel pretty good about that and, obviously, stepping into fiscal '27. Again, tracking the demand situation here with tariff uncertainties, but that was where we were heading. Kevin Plank And Kelly, I'll drop a little color on the model that you're working on too, because as Dave's talking through some of the technicals that we're working through, we're just looking to drive brand affection right now. So as we're thinking about fiscal '26, there's always a silver lining and so we're using this moment as an opportunity just to make sure that we're really clean, we're delivering ourselves and showing up at retail with our wholesale partners the way that we want to be seen. And we're modeling that behavior by demonstrating that on our own e-com and our own stores as well. And so it will be a full funnel approach for us for sure. Operator John Kernan, TD Cowen. Krista Zuber Hi. This is Krista Zuber on for John. Two questions for us. First, in terms of sort of a broader picture for North America, kind of in relation to the broad initiatives that are underway with this reset Kind of what do you see as a normalization or long-term opportunity for segment margin recovery in North America as you kind of move along this strategic reset? And then I have one follow-up. Kevin Plank Yeah. Let me just start with some of the basics there, which is, to be clear, we don't necessarily love where we are right now, but we certainly love where we're going. Culture is going to be a big part of this, and instilling that belief across the organization, across our partners at every touch level, suppliers, retailers, distributors, franchisees and especially our own team. This -- where we are in this reset, when as I used in my prepared remarks, the reinvention for the brand, it starts with our team. And so I think that, for me, in the last 13 months have been really constructive in that I said, we don't need any excuses, meaning that it's not just about us transactioning or trading on price, which I feel like we've done for a bit too long. And we just really need to drive that affection from that 16- to 24-year-old athlete, as well as the consumer that we have today, which includes some 16 to 24, but we think we can drive that story, service and team is this foundation that we've talked about often throughout our history of the fundamentals we need to get right with. And as we say, product is our everything, and number one, the best product we should make or manufacture should be our story. The rest of the team is falling in and all those other pieces that we have of making sure we have the right products at the right place at the right time. And so we're really just driving down to the as I said, when we're getting this right during this reset, and we're moving ourselves especially here in North America from what kind of Under Armour would you like to buy to? Here's four very specific ideas that we have for you that we think that you'll love. That's what I think that will be really in we've got work to do, but we're making this manifest across every channel touch point, from e-com to our outlet stores, to -- or factory houses, all the way to our full-price brand houses as well and especially in our retail partners. So they're waiting to see us win. There's competition from a lot of different places, but I like our positioning. I know that this team can pull it together and excited about what it means in the short, mid- and long term. Krista Zuber Terrific. Thank you for that. And then just how should we think about the category mix within the context of apparel and footwear in your Q1 revenue guide? And is there anything that you can talk to you about the margin differential between those two categories currently, and kind of where you see that longer term? David Bergman Yeah, I'll jump in on that real quick. When we think about Q1, we do anticipate that footwear will have a little bit more pressure than apparel and accessories for Q1. And that's something that we've been talking about over the last year as well. And from a margin perspective, that actually does help us a little bit because our footwear is a little bit lower gross margin than our apparel. That gap is something that we've been decreasing a little bit each year as we continue to design our footwear differently and continue to improve relative to price points it is something that we're cognizant of relative to the mix. We're looking forward to continuing to drive footwear longer term. We understand that that can create a little bit of a gross margin headwind for us longer term, but that's something that we can plan for and navigate and are looking forward to that. Operator This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
Washington Post
13-05-2025
- Business
- Washington Post
Under Armour: Fiscal Q4 Earnings Snapshot
BALTIMORE — BALTIMORE — Under Armour Inc. (UAA) on Tuesday reported a loss of $67.5 million in its fiscal fourth quarter. The Baltimore-based company said it had a loss of 16 cents per share. Losses, adjusted for one-time gains and costs, were 8 cents per share. The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.
Bloomberg
13-05-2025
- Business
- Bloomberg
Under Armour Turnaround Shows Resilience With Sales Beating
By Updated on Save Under Armour Inc. reported sales that topped Wall Street expectations, boosting the comeback bid of the sports gear brand. Revenue in the company's fiscal fourth quarter fell 11% to $1.2 billion. Analysts on average expected a decline of 13%.
Yahoo
19-04-2025
- Business
- Yahoo
Why Under Armour Inc. (UAA) is Skyrocketing?
We recently published a list of . In this article, we are going to take a look at where Under Armour Inc. (NYSE:UAA) stands against other other firms that ended the week strong. The stock market ended the shortened trading week mixed, with two of the major indices clocking in just modest movements, as investors parked funds for now while continuing to digest President Donald Trump's tariff policies. Among the major indices, only the S&P 500 registered gains, up 0.13 percent. In contrast, the Dow Jones fell by 1.33 percent, and the Nasdaq dropped by 0.13 percent. Ten firms, on the other hand, ended the week strong, on the back of a flurry of catalysts that sparked buying appetite. In this article, we have detailed the reasons behind their gains. To come up with the list, we only considered the stocks with a $2 billion market capitalization and a $5 million trading volume. Tyler Olson/ Under Armour rallied by 4.86 percent on Thursday to close at $5.83 apiece as investors began repositioning portfolios ahead of the release of its next quarterly earnings performance. Based on its historical earnings release, UAA is expected to announce its fourth quarter and full year 2024 earnings performance between the first and second weeks of May 2025. In particular, what buoyed investor interest was UAA's history of earnings beats, having posted better-than-expected performance during the past two quarters. According to analysts, UAA is in a good position to maintain the trend in its next report. In recent news, UAA announced the addition of three members of the board: Dawn N. Fitzpatrick, Eugene D. Smith, and Robert J. Sweeney. 'Dawn and Rob's extensive financial and operational expertise, combined with Gene's deep knowledge of intercollegiate sports management, make them exceptional additions to our board,' said UAA Board Chairman Mohamed A. El-Erian. 'As we pursue our strategy to create greater value for Under Armour's athletes, customers, shareholders, and teammates, their unique talents, insights, and passion for the brand will be invaluable for navigating our next chapter,' he added. Overall, UAA ranks 7th on our list of firms that ended the week strong. While we acknowledge the potential of UAA as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than UAA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
16-04-2025
- Business
- Yahoo
Why Under Armour Inc. (UAA) Skyrocketed On Tuesday?
We recently published a list of . In this article, we are going to take a look at where Under Armour Inc. (NYSE:UAA) stands against other firms that end stronger on Tuesday. A muted trading persisted on the stock market on Tuesday, with major indices ending in the red, recording minimal losses while digesting President Donald Trump's tariff policies. The Dow Jones declined by 0.38 percent, the S&P 500 dipped by 0.17 percent, while the tech-heavy Nasdaq dipped by 0.05 percent. Ten companies bucked a broader market pessimism, booking modest gains during the session. In this article, we have identified the reasons behind their gains. To come up with the list, we only considered the stocks with $2 billion market capitalization and $5 million trading volume. Lucky Business/ Under Armour jumped by 5.51 percent on Tuesday to finish at $5.74 apiece following news that infamous basketball player Stephen Curry will receive a $75 million stock grant from the company. The contract, part of the long-term deal, is reportedly expected to cover the remainder of Curry's basketball career and can become a lifetime deal, assuming certain conditions are met. The stock award, around 8.8 million restricted stock units, reportedly will be made in two installments—in 2029 and 2034 as long as Curry remains with Under Armour. The stock grant was on top of his direct payments from UAA, which reportedly amounts to eight figures annually, as well as the $215-million contract he currently holds with the Golden State Warriors. In its latest earnings presentation, UAA's net income for the quarter ending December 2024 fell by 99 percent to $1.2 million from the $110.75 million registered in the same period a year ago, as net revenues dropped 6 percent to $1.4 billion versus $1.49 billion year-on-year. In the first nine months alone, UAA swung to a net loss of $133.8 million versus a $225-million net profit in the same period year-on-year as net revenues declined by 8.9 percent to $3.98 billion from $4.37 billion. Overall, UAA ranks 5th on our list of firms that end stronger on Tuesday. While we acknowledge the potential of UAA as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than UAA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
