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Excluding the company's litigation reserve, adjusted operating income was $304 million.

Selling, general & administrative expenses decreased 2 percent to $2.4 billion. Gross margin declined 470 basis points to 44.9 percent compared to the prior year, driven primarily by higher promotions, supply chain impacts including higher freight and product costs, mix impacts related to higher distributor and footwear revenue, and adverse impacts from changes in foreign currency. Revenue was up 3 percent to $5.9 billion (up 6 percent currency neutral). Inventory was up 44 percent to $1.2 billion.Ĭash and Cash Equivalents were $712 million at the end of the quarter, and no borrowings were outstanding under the company's $1.1 billion revolving credit facility. Adjusted diluted earnings per share was $0.18. Excluding an $87 million benefit primarily from a tax valuation allowance release related to prior-period restructuring, adjusted net income was $84 million.ĭiluted earnings per share was $0.38. Selling, general & administrative expenses decreased 4 percent to $572 million. Gross margin declined 310 basis points to 43.4 percent compared to the prior year, driven primarily by higher promotions, mix impacts related to higher footwear revenue, and adverse effects from changes in foreign currency. Revenue was up 8 percent to $1.4 billion (up 10 percent currency neutral). My job is to make that vision a reality." We must deliver better for athletes and our customers and meaningfully increase returns for shareholders in the years ahead. Linnartz continued, "We will leverage our strong portfolio of franchises, including Heat Gear, Cold Gear, and compression apparel, to drive innovation across new products and markets. I am prioritizing significantly amplifying global brand heat delivering elevated design and products, with a focus on Sportstyle, footwear, and women and positioning us to drive better sales growth in the United States." "Fiscal 2024 will be a year of building for the brand. "I'm honored to lead this iconic brand, and I'm pleased that Under Armour delivered fiscal 2023 revenue and earnings results that were in line with our previous outlook," said Under Armour President and CEO Stephanie Linnartz.