Under Armour’s big first quarter

Apparel and footwear chain, Under Armour, has reported net revenue growth of 30 per cent for the first quarter of 2016.

The increase saw the sports brand reach net revenue of $1.05 billion, with the 2016 outlook raised to $5.0 billion representing growth of 26 per cent over 2015.

“For the past 24 consecutive quarters or six years, we have driven net revenue growth above 20 per cent and we are incredibly proud of our start to 2016 with first quarter net revenue growth of 30 per cent,” said Under Armour chairman and CEO, Kevin Plank. “The strong results posted this quarter truly demonstrate the balanced growth of our brand across product categories, channels and geographies.”

During the first quarter, wholesale net revenues grew 28 per cent year-over-year to $744 million compared to $579 million in the prior year’s period. North America net revenues for the first quarter grew 26 per cent year-over-year, or 27 per cent on a currency neutral basis.

International net revenues, which represented 14 per cent of total net revenues for the first quarter, grew 56 per cent year-over-year, or 65 per cent on a currency neutral basis.

“In footwear, this includes the remarkable success of the Stephen Curry signature basketball line, as well as the exciting launches of our first smart running shoe and our new line of Jordan Spieth inspired golf shoes,” said Plank.