American sportswear retailer Under Armour has announced their financial results for the second quarter ended June 30, 2016. In the period under review, the company noted an increase of 28 per cent in net revenue to US $ 1 billion as compared to US $ 784 million in the previous year. Apparel net revenues surged by 19 per cent to US $ 613 million compared with US $ 515 million in the second quarter of 2015.
However, the retailer’s net income notes a steep downfall of 58 per cent to US $ 6 million in the reporting period as compared to US $ 15 million in the corresponding quarter of 2015. International net revenues signifying 15 per cent of total net revenues, zoomed 68 per cent Y-o-Y.
“Strong second quarter results shows the continued demand for the Under Armour brand around the world. It also highlights the importance of diversifying our business. Our focus remains on adding on new dimensions in sport category in largest category of apparel,” states Kevin Plank, Chairman and CEO, Under Armour.
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The company expects 2016 net revenues to be around US $ 4.925 billion, and 2016 operating income in the range of US $ 440 million to US $ 445 million, based on its performance in the second quarter.
