Under Armour Inc UAA UA reported a first-quarter FY24 sales decline of 2% year-on-year to $1.32 billion, beating the analyst consensus of $1.30 billion.
Wholesale revenue decreased 6% Y/Y to $742 million, and direct-to-consumer revenue increased 4% to $544 million.
Apparel revenue fell 5% Y/Y, Footwear climbed 5%, while Accessories revenue increased 1%.
Gross profit fell 3.6% Y/Y to $607.7 million, and the gross margin contracted 60 basis points Y/Y to 46.1%.
Operating margin compressed 100 basis points to 1.6%, and operating income for the quarter decreased 39.3% to $20.9 million.
The company held $703.6 million in cash and equivalents as of June 30, 2023. Inventory was $1.3 billion, a 38% increase.
The company’s EPS was $0.02, beating the consensus of $(0.03).
Outlook: Under Armour sees FY24 revenue to be flat to up slightly.
The company expects FY24 EPS of $0.47 - $0.51 versus the estimate of $0.50.
Price Action: UAA shares are trading lower by 0.26% at $7.70 in premarket on the last check Tuesday.
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