Under Armour's revenue in the Asia-Pacific region soars 31% in Q4FY23

The American sporting goods company Under Armor announced key financial data for the fourth quarter and full year of fiscal year 2023 ending March 31, 2023. The net income in the fourth quarter increased year-on-year 7.5% to $1.4 billion (after excluding the impact of exchange rate: +10%), which has exceeded the expectations, driven by a 3% increase in North America as its largest market, and the revenue of Asia-Pacific surged 31% after excluding the impact of exchange rate. But gross margin fell to 43.4% in the fourth quarter, below analysts' expectations, due to an over-reliance on clearing inventory through promotions.

(As of March 31, 2023) Fiscal year 2023 full-year net income increased by 3.1% year-on-year to US$5.9 billion, an increase of 6% after excluding the impact of exchange rate.

Stephanie Linnartz, Under Armour's new president and chief executive officer said: "I am very pleased that Under Armor's fiscal year 2023 revenue and earnings results are in line with our previous expectations." FY2024 will be the year of brand building, I am prioritizing a significant expansion of global branding, providing high-grade designs and products with an emphasis on sporty styles, footwear and women's, and enabling us to achieve better sales growth in the US market."