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Robin Driver Published
February 12, 2025
As Under Armour Inc.’s turnaround efforts continue, the Baltimore-based athleticwear brand has announced a fourth-quarter loss of $15.3 million and revealed disappointing prospects for 2025, sending the company’s shares plummeting 18% in Tuesday trading.
The net loss of $0.03 per diluted share reported by the company for the fourth quarter ended December 31, 2025, represented a decline from net income of $4.2 million, or $0.01 per diluted share, in the prior-year period.
During the quarter, the company’s earnings were impacted by a $23 million tax expense related to some of the company’s deferred assets, as well as a $39 million impairment charge related to its equity interest investment in its Japan licensee.
Under Armour’s Q4 revenue actually increased 3.7% from $1.40 billion to $1.44 billion, reflecting strong growth of 10.3% in the footwear category, where sales totaled $259.3 million. Accessories sales increased 1.6% to $109.9 million, while revenue from apparel rose 0.2% to $970.3 million.
By segment, it was the company’s connected fitness division which experienced the strongest growth, with revenues rising 15.6% to $35.0 million.
Sales in Latin America were up 11.8% to $55.0 million and increased 9.8% to $183.0 million in Asia-Pacific. Growth was slower in the EMEA region and North America, Under Armour’s largest market. In EMEA, sales rose 2.2% to $180.7 million, while in North America total sales of $983.0 million reflected an increase of 1.9%.
For the full fiscal year 2025, the company’s total net revenue increased 1% (3% in constant currencies) to $5.27 billion, up from $5.19 billion in the previous year.
Annual net income was $92.1 million, or $0.20 diluted earnings per share, up from a loss of $46.3 million, or 0.9% per share, in fiscal 2025.
“Under Armour is an operationally better company following our transformation over the past few years, with a clearly defined and focused strategy, enhanced go-to-market process, cleaner inventories and a stronger balance sheet,” commented Under Armour president and CEO Patrik Frisk in a release.
“However, ongoing demand challenges and the need to drive greater efficiencies in our business requires us to further prioritize our investments to put our company in the best position possible to achieve sustainable, profitable growth over the long-term,” he added.
Looking forward, Under Armour currently expects its full-year revenues to decrease in the low single digits in 2025, reflecting a mid to high-single-digit percentage decline in North America and a low-double-digit rise in the company’s international business.
Diluted earnings per share are expected to tumble to between $0.10 to $0.13.
These previsions currently include an estimated negative impact of between $50 million and $60 million in first-quarter sales related to the coronavirus outbreak in China. They do not, however, take into consideration any financial or operational impact that the epidemic might have on the company’s results past Q1 2025, leaving the door open for further adjustments as the health crisis evolves.
Potential costs or benefits related to restructuring activities are also not considered by the guidance.
Under Armour did, however, announce that it is assessing a restructuring initiative to rebalance its cost base, a plan that would imply the company incurring pre-tax charges of between $325 million and $425 million in 2025.
Between $225 million and $250 million of these expenses are related to the possibility that the company will forego opening a New York flagship, instead pursuing sublet options for its long-term lease.
The initiative is expected to result in a pre-tax benefit in the range of $30 million to $50 million in 2025.
Under Armour aims to conclude its assessment of the restructuring initiative and its financial impact in the first quarter of 2025 and will provide further details when it has made a decision, subject to board approval.