According to a broadcast of the presentation, Under Armour is planning to open 10 more offices abroad to tap international growth, and is investing in outfitting athletes at the Sochi Winter Olympics in 2014 and Brazil Summer Olympics in 2016. Revenues outside the U.S. represented only 6 percent of revenues last year.
Chairman and Chief Executive Kevin Plank said the women's business accounted for just $54 million of 2005's sales, or 19 percent of the total business at the time. It's now approaching $490 million in 2013, only growing slightly as a percentage of sales to 22 percent. He described women's as "a powerful driver for growth."
Overall, total women’s revenues is expected to reach $960 million by 2016.
Footwear is expected to see revenues of more than $600 million by 2016, led by cleats and running shoes. . Part of the footwear involves the planned opening of a design office in Portland, OR that is expected to staff to have a staff of 20 in that office by the end of 2014. Officials also unveiled the new “SpeedForm” running shoe, which features a seamless heel cup and is designed to mold to the runner’s foot. It is modeled after the way the company manufactures bras and other form-fitting clothes. The technology is based on space suits or the seat of a Formula 1 racing car, said Dave Dunbrow, senior creative director for the company.
Among other forecasts, Youth sales was forecast to reach close to $470 million in three years while Men’s sales would eventually reach $1.5 billion on its own by 2016
New England Patriots quarterback Tom Brady, an Under Armour endorser, attended the meeting in Baltimore and spoke on behalf of Under Armour. Brady also joined Plank in an interview on CNBC.
Source Under Armour through SportsOneSource
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