Under Armour, Inc. (UA) 10-K Annual Report February 2014



Under Armour, Inc.
1020 Hull Street
Baltimore, MD 21230
CONTACTS
Investors:
Tom Shaw, CFA
Under Armour, Inc.
Tel: 410.843.7676
Media:
Diane Pelkey
Under Armour, Inc.
Tel: 617.256.4541

FOR IMMEDIATE RELEASE

UNDER ARMOUR REPORTS FOURTH QUARTER NET REVENUES GROWTH OF 35% AND FULL YEAR NET REVENUES GROWTH OF 27%; RAISES FULL YEAR 2014 OUTLOOK


•	Fourth Quarter Net Revenues Increased 35% to $683 Million; Full Year Net Revenues Increased 27% to $2.33 Billion


•	Fourth Quarter Diluted EPS Increased 27% to $0.59; Full Year Diluted EPS Increased 24% to $1.50


•	Company Raises 2014 Net Revenues Outlook to a Range of $2.84 Billion to $2.87 Billion (+22% to +23%)


•	Company Raises 2014 Operating Income Outlook to a Range of $326 Million to $329 Million (+23% to +24%)

Baltimore, MD (January 30, 2014) - Under Armour, Inc. (NYSE: UA)

today announced financial results for the fourth quarter ended December 31, 2013. Net revenues increased 35% in the fourth quarter of 2013 to $683 million compared with net revenues of $506 million in the prior year's period. Net income increased 28% in the fourth quarter of 2013 to $64 million compared with $50 million in the prior year's period. Diluted earnings per share for the fourth quarter of 2013 increased 27% to $0.59 compared with $0.47 in the prior year's period.

Fourth quarter apparel net revenues increased 35% to $546 million compared with $405 million in the same period of the prior year, primarily driven by expanded Fleece offerings and new ColdGear Infrared products. Fourth quarter footwear net revenues increased 24% to $55 million from $45 million in the prior year's period, led by gains in running. Fourth quarter accessories net revenues increased 52% to $65 million from $43 million in the prior year's period, primarily driven by headwear and gloves. Direct-to-Consumer net revenues, which represented 39% of total net revenues for the fourth quarter, grew 36% year-over-year.

Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "By any measure, 2013 was a banner year for the UA Brand. We surpassed $2 billion in net revenues for the year, which culminated with our 15th straight quarter of at least 20% total growth. In addition, we completed our first acquisition, MapMyFitness, opened our first two UA Brand House retail stores, and continued to make key investments in our Women's, Footwear and International businesses to drive long-term global growth. While we are proud of what we have accomplished to date, we firmly believe we are just getting started and that our performance in 2013 is indicative of the opportunity that lies ahead for Under Armour."

Gross margin for the fourth quarter of 2013 was 51.3% compared with 50.3% in the prior year's quarter, primarily driven by the strength of the Brand contributing to a favorable sales mix. Selling, general and administrative expenses as a percentage of net revenues were 36.9% in the fourth quarter of 2013 compared with 34.2% in the prior year's period, primarily reflecting higher incentive compensation costs. Fourth quarter operating income increased to $98 million compared with $82 million in the prior year's period.

The following information was filed by Under Armour, Inc. (UA) on Thursday, January 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Under Armour, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.05: Material Contract

Exhibit 10.12: Material Contract

Exhibit 10.13: Material Contract

Exhibit 10.14: Material Contract

Exhibit 10.18: Material Contract

Exhibit 21.01: Subsidaries Of The Registrant

Exhibit 23.01: Consents Of Experts And Counsel

Exhibit 31.01: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.02: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.01: Section 1350 Certification

Exhibit 32.02: Section 1350 Certification

Ticker: UA
CIK: 1336917
Form Type: 10-K Annual Report
Accession Number: 0001336917-14-000008
Submitted to the SEC: Fri Feb 21 2014 3:05:19 PM EST
Accepted by the SEC: Fri Feb 21 2014
Period: Tuesday, December 31, 2013
Industry: Apparel And Other Finishd Prods Of Fabrics And Similar Matl