Under Armour has announced “record revenue” for the year to 31 December 2021.
Revenue was up 27% (25% on a currency-neutral basis) to $5.7bn (£4.2bn) year on year.
Wholesale revenue rose 36% to $3.2bn (£2.4bn), and direct-to-consumer sales grew 26% to $2.3bn (£1.7bn) year on year, driven by the performance of its owned and operated stores.
Revenue from clothing rose 33% to $3.8bn (£2.8bn), footwear 35% to $1.3bn (£960m) and accessories 12% to $462m (£341m).
Gross margin increased 210 basis points to 50.3%. Adjusted gross margin increased 180 basis points to 50.4%, driven by benefits from pricing and favourable changes in foreign currency, partially offset by elevated freight expenses, and “unfavourable channel mix”.
