Consumers are returning to brick-and-mortar stores and Under Armour is reaping the benefits. But despite brightening skies, there are some potential storm clouds on the horizon as the pandemic continues to wreak havoc around the world and manufacturing and logistical challenges develop in key sourcing countries in Southeast Asia, the company warned.
Revenue this quarter was up 91 percent to $1.4 billion with wholesale sales up 157 percent to $768 million and direct-to-consumer revenue up 52 percent to $561 million. The company said the d-to-c number was driven by strong growth in owned and operated stores while e-commerce sales, which represented 39 percent of the company’s overall d-to-c sales, were down 18 percent.Other bright spots included a rebound in North America, where sales increased 101 percent to $905 million.
Frisk said for the full year, he expected the company’s owned and operated stores to be up in the low 20s compared to 2020 and about even with 2019. The Curry collection from NBA star Stephen Curry — Under Armour’s ambassador — benefited from the introduction of the Curry Flow 8 shoe, and a Curry 9 model is expected to be released later this year.
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