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Under Armour Inc. Class C (UA-0.38%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in total net revenues to $1.4 billion from $1.5 billion in the same quarter the previous year, with declines in both wholesale and direct-to-consumer channels.
Gross profit for the quarter was $665 million, with a gross margin increase to 47.5% from 45.1% in the prior year, attributed to pricing benefits and supply chain efficiencies.
Selling, general, and administrative expenses rose to $638 million from $599 million, driven by increased marketing and other costs, including an impairment charge related to vacating the previous global headquarters.
Restructuring charges for the quarter were $14 million, as part of a broader restructuring plan aimed at financial and operational efficiencies.
Net income for the quarter was $1.2 million, compared to $110.8 million in the previous year, with an effective tax rate increase to 83.3% from 7.2%.
Cash provided by operating activities was $143 million, while cash used in investing and financing activities was $99 million and $154 million, respectively.
Under Armour repaid $80.9 million of its Convertible Senior Notes upon maturity and repurchased $65 million of its Class C Common Stock during the quarter.
The company remains focused on strategic initiatives to drive growth in key areas, including wholesale, footwear, women's, and direct-to-consumer businesses.
The filing also details legal proceedings, including settlements related to securities litigation, and ongoing efforts to improve internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Under Armour Inc. Class C quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.