Performance footwear, apparel and accessories marketer, Under Armour inked the 19th consecutive quarter of over 20 per cent net revenue growth, including over 30 per cent growth in each quarter of 2014.
Net revenues increased 31 per cent in the fourth quarter of 2014 ended December 31, 2014 to $895 million compared with net revenues of $683 million in the prior year's period.Performance footwear, apparel and accessories marketer, Under Armour inked the 19th consecutive quarter of over 20 per cent net revenue growth, #
Fourth quarter of 2014 apparel net revenues rose 30 per cent to $708 million as against $546 million in the same period of the previous year.
“Apparel sales were driven primarily by new offerings across training, hunting, and studio, including expanded platform innovations in ColdGear Infrared, Storm, and Charged Cotton,” Under Armour said.
Net sales in the footwear segment in the quarter under review zoomed 55 per cent to $86 million from $55 million in the same quarter of last year, led by expanded offerings in running and basketball.
Fourth quarter accessories net revenues grew 22 per cent to $79 million compared to $65 million in the prior year's quarter.
Direct-to-Consumer net revenues, which represented 38 per cent of total net revenues for the fourth quarter of 2014, expanded 27 per cent year-over-year.
International net sales which makes up for 9 per cent of total net revenues lifted by a massive 123 per cent from a year ago quarter.
However gross margin for the fourth quarter of 2014 fell to 49.9 per cent as against 51.3 per cent in the fourth quarter of 2013, primarily by a higher mix of international revenues.
SG&A expenses as a percentage of net revenues were 33.6 per cent in the reporting quarter compared with 36.9 per cent, primarily reflecting higher incentive compensation expenses in the prior year period.
Fourth quarter of 2014 operating income too surged 49 per cent to $146 million compared with $98 million in the prior year quarter.
Net income also mounted 37 per cent in the reporting quarter to $88 million or $0.40 diluted earnings per share from $64 million or $0.30 diluted earnings per share in the corresponding quarter of 2013.
Cash and cash equivalents increased 71 per cent year-on-year to $593 million at December 31, 2014, while total debt hiked to $284 million at December 31, 2014 from $153 million at December 31, 2013.
Inventory at December 31, 2014 increased 14 per cent to $537 million as against $469 million as on December 31, 2013. (AR)
Fibre2fashion News Desk - India
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