Third quarter apparel net revenues increased 26 percent to $561 million compared with $445 million in the same period of the prior year, primarily driven by the continued expansions of the Storm and Charged Cotton platforms, as well as the introduction of ColdGear Infrared technology. Third quarter footwear net revenues increased 28 percent to $81 million from $63 million in the prior year's period, led by strong gains in both running and football. Third quarter accessories net revenues increased 18 percent to $64 million from $54 million in the prior year's period, primarily driven by bags and headwear. Direct-to-Consumer net revenues, which represented 25 percent of total net revenues for the third quarter, grew 34 percent year-over-year.
Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "We have a consistent formula that is driving success across our business: deliver newness and innovation and the consumer responds. This has been instrumental in driving net revenue growth in excess of 20 percent for the past fourteen straight quarters and we will continue to fuel this strategy going forward. During the quarter we introduced our latest apparel innovation, ColdGear Infrared, which utilizes a ceramic thermo-conductive inner coating to absorb and retain body heat. With the limited release of Speedform we also provided a glimpse of where we can take footwear and redefine fit in the category."
Gross margin for the third quarter of 2013 was 48.4 percent compared with 48.7 percent in the prior year's quarter, primarily reflecting higher import duties, partially offset by the net impact of lapping the prior year's sourcing challenges. Selling, general and administrative expenses as a percentage of net revenues were 31.7 percent in the third quarter of 2013 compared with 32.9 percent in the prior year's period, primarily reflecting leverage of marketing expenses. Third quarter operating income increased to $121 million compared with $91 million in the prior year's
period.
Balance Sheet Highlights
Cash and cash equivalents increased 19 percent to $186 million at September 30, 2013 compared with $157 million at September 30, 2012. Inventory at September 30, 2013 increased 59 percent to $497 million compared with $312 million at September 30, 2012. Long-term debt decreased to $54 million at September 30, 2013 from $72 million at September 30, 2012.
Updated 2013 Outlook
The company had previously anticipated 2013 net revenues in the range of $2.23 billion to $2.25 billion, representing growth of 22 percent to 23 percent over 2012, and 2013 operating income in the range of $258 million to $260 million, representing growth of 24 percent to 25 percent over 2012. Based on current visibility, the company now expects 2013 net revenues of approximately $2.26 billion, representing growth of 23 percent over 2012, and 2013 operating income of approximately $260 million, representing growth of 25 percent over 2012. The company continues to anticipate an effective tax rate of 40.0 percent to 41.0 percent for the full year, compared to 36.7 percent for 2012. The company now anticipates fully diluted weighted average shares outstanding of approximately 108 million for 2013.
Plank concluded, "The sustained momentum we are generating domestically will help fuel our global ambitions. Many of these global efforts are ramping up with recent specialty stores opening in China, Japan and Mexico, e-commerce platforms launching in Hong Kong and Taiwan, and new offices opening in Brasil and Chile. Moreover, we are better aligning our internal leadership to help capitalize on these global opportunities, while also adding talent across our direct-to-consumer businesses. We have never been better positioned to take the Under Armour performance story to athletes around the world."
By press release through sportsonesource
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