Nike Inc. (NKE), the company’s chief competitor, also sells merchandise at Kohl’s.
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The 53,000-square-foot store will open at the earliest by the end of 2018, the latest by mid-2019, Under Armour founder and CEO Kevin Plank told analysts on a call. Said Toys “R” Us at the time, “The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City”.
Plank noted that the company sees its women’s division as a “burgeoning opportunity”.
Revenues: Aided by continued strong performance of the Apparel, Footwear and Accessories categories, total revenue came in at $1,000.7 million, up 28% year over year but came in below the Zacks Consensus Estimate of $1,003 million.
Sportswear company Under Armour Inc (NYSE:UA) withstood a few slings and arrows in pre-market trading after reporting a decline in second quarter earnings.
If the dividend had not been paid, the company would have earned 1 cent per share, including the impact of the Sports Authority closure, meeting analysts’ expectations on a per share basis. However, quarterly earnings fell from 3 cents delivered in the year-ago quarter.
“This is a proactive move for us that has been in the works for the last several years”, Plank said.
“Great brands are iconic and inspirational storytellers, especially where products meet the consumer. The authenticity we have gained with the athlete over the past 20 years has positioned Under Armour to widen our access through categories, channels and geographies”, Plank said.
Plank added that the venue, which carries an expensive price tag, will serve as a “flag in the ground” for Under Armour’s product teams.
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Under Armour has been expanding its apparel business, which accounts for almost two-thirds of total revenue, by adding more “athleisure” clothing – a term for daily wear apparel inspired by exercise outfits. The company confirmed full-year revenue guidance for 2016 of $4.925 billion.
