Dependence on discretionary consumer spending
Apparel and footwear purchases can be delayed when inflation or recession pressures budgets.
- Scope
- Global consumer demand, especially in North America
- Materiality
- high
Under Armour, Inc.
Under Armour, Inc. develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth. The company sells through wholesale partners, its own Brand and Factory House stores, and e-commerce, with operations organized across North America, EMEA, Asia-Pacific, and Latin America.
−1,1 %
45,5 %
−10,0 %
−3,8 %
1.62
1.08
| % | |
|---|---|
| Apparel | 55% Branded performance clothing for training, sport, and active wear. |
| Footwear | 30% Athletic shoes and related footwear products sold under the Under Armour brand. |
| Accessories | 10% Bags, gloves, headwear, and other branded accessories. |
| Direct-to-Consumer | 5% Sales through owned stores and e-commerce channels. |
Under Armour sells to individual consumers who buy performance-oriented sportswear for training, sport, and active...
- Direct consumersprimary
Buy apparel, footwear, and accessories through e-commerce and company stores for sport and lifestyle use.
- Wholesale retail accountsprimary
National and regional sporting goods chains, specialty retailers, and department stores buy branded assortments for resale.
- Institutional teams and athletic departmentssecondary
Colleges, leagues, and teams buy outfitting products and branded gear for athletes and staff.
- International distributors and licenseessecondary
Partners sell Under Armour products in markets where the company does not have direct operations.
Under Armour organizes its business across four operating regions: North America, EMEA, Asia-Pacific, and Latin America...
- •North America includes the United States and Canada
- •EMEA covers Europe, the Middle East, and Africa
- •Asia-Pacific includes markets such as China and other regional hubs
- •Latin America is a separate operating region
- •International sales use a mix of direct, wholesale, distributor, and licensee models
- •Regional demand and channel mix affect brand execution and inventory planning
Under Armour’s strategy centers on premium brand-right growth through apparel, footwear, accessories, and a larger...
01
Grow direct-to-consumer and digital commercemedium-term
Owned channels improve brand control, consumer data, and margin mix.
02
Protect premium brand positioning in wholesaleshort-term
Shelf space and presentation influence sell-through and brand perception.
03
Improve inventory efficiencyshort-term
Better forecasting and supply planning reduce excess stock and markdown pressure.
04
Expand international reachmedium-term
Regional diversification broadens the brand and reduces reliance on one market.
Under Armour depends on discretionary consumer spending and large wholesale customers, so demand can weaken when...
Wholesale customer concentration
A significant portion of revenue comes from a limited number of large accounts without long-term contracts.
- Scope
- National and regional sporting goods chains, department stores
- Materiality
- high
Inventory and markdown risk
Excess or slow-moving product must be sold through Factory House or liquidation channels, pressuring sell-through.
- Scope
- Apparel and footwear inventory
- Materiality
- high
Retail consolidation and customer loss
Consolidation in sports specialty retail can reduce alternative outlets if a key account cuts orders.
- Scope
- Wholesale channel
- Materiality
- high
Digital commerce and brand execution risk
Poor online experience or weak in-store presentation can hurt conversion and brand perception.
- Scope
- E-commerce and owned retail
- Materiality
- medium
Global operating and supply-chain disruption
International sourcing and distribution can be affected by logistics, public health events, and geopolitical issues.
- Scope
- Asia-Pacific, global supply chain
- Materiality
- medium
Revenue recognition and customer refund liabilities
Customer refund liability and related inventory reserve balances
Seasonality
Quarter-to-quarter revenue and inventory swings
Deferred tax asset valuation allowances
Income tax expense and effective tax rate
Goodwill impairment
Potential non-cash impairment charges
Stock-based compensation
Operating expense and diluted share count
: 29.4.2026