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1/ Under Armour has had a tumultuous year
Here's an update on the apparel and footwear giant
Here's an update on the apparel and footwear giant
2/ UA reported a sales decline of 23% in Q1, with North American sales taking a 28% hit.
Apparel: -23%
Footwear: – 28%
Accessories: – 17%
Under Armour did see a 8.9% increase in Q1 from its connected fitness business - more on that later. https://frntofficesport.com/under-armour-2020-q1-report/
Apparel: -23% Footwear: – 28% Accessories: – 17% Under Armour did see a 8.9% increase in Q1 from its connected fitness business - more on that later. https://frntofficesport.com/under-armour-2020-q1-report/
3/ In response to the coronavirus pandemic, UA was forced to close stores across the US in mid-March.
In April, UA temporarily laid off 6,700 employees at brick-and-mortar stores, warehouse and distribution.
In April, UA temporarily laid off 6,700 employees at brick-and-mortar stores, warehouse and distribution.
4/ In late June, Under Armour informed UCLA and Cal that it will look to terminate sponsorship deals with the institutions.
Its 15-year deal with UCLA totaled $280M, meanwhile UA's Cal 10-year agreement was for $86M. https://twitter.com/frntofficesport/status/1276929231352717314
Its 15-year deal with UCLA totaled $280M, meanwhile UA's Cal 10-year agreement was for $86M. https://twitter.com/frntofficesport/status/1276929231352717314
5/ UA is now trying to sell off assets, including the MyFitnessPal app which it bought for approximately $475 million in 2015 to bolster its connected fitness biz. https://frntofficesport.com/under-armour-selling-myfitnesspal/
6/ Yesterday, UA founder Kevin Plank & CFO David Bergman received notice they could face civil-enforcement action based on the company’s accounting in 2015 and 2016.
Former UA executives said the company would shift sales & other tactics to keep a 20% sales growth intact.
Former UA executives said the company would shift sales & other tactics to keep a 20% sales growth intact.
