Under Armor has decided to raise the minimum wage for hourly employees in the United States and Canada starting from June 6. The increase from US$10 to US$15 per hour (approximately RMB 96) will benefit more than 8,000 part-time and full-time employees.
Under Armor will increase the hourly wages of more than 8,000 employees by 50% to $15
According to foreign media reports:
Under Armor, an American sporting goods company It has been decided a few days ago that the minimum wage for hourly employees in the United States and Canada will be raised from June 6, increasing the minimum wage from US$10 per hour (approximately RMB 64) to US$15 per hour (approximately RMB 96). More than 8,000 part-time workers and full-time employees will benefit.
Some people in the industry pointed out that Under Armor was the first sportswear brand to raise the minimum wage to $15 per hour. Currently, Nike’s average hourly wage is still $12 an hour, the minimum hourly wage is $10.
Under Armor Sports Lifestyle Series
In addition, Under Armor’s part-time and full-time employees who are paid hourly wages account for approximately 90% of the company’s retail and distribution employees.
Recently, Under Armor announced key financial data for the first quarter of fiscal year 2021. As more and more consumers return to physical stores, the first quarter performance Better than expected.
First-quarter sales increased 35% year-on-year to $1.3 billion, better than analysts’ forecast of $1.13 billion.
After the financial report was released, Under Armor’s stock price rose 3% in pre-market trading.
Under Armor President and CEO Patrik Frisk pointed out:
“The first quarter The outstanding performance is due to the strong rebound of business in Asia and North America. In addition, with stable balance sheets and good inventory management capabilities, we are confident of achieving good development in 2021.”
Under Armor’s first quarter sales increased 35% year-on-year
American sporting goods company Under Armor (Under Armor) announced key financial data for the first quarter of fiscal year 2021 on Tuesday. As more and more consumers return to physical stores, the first quarter performance is better than expected.
First-quarter sales increased 35% year-on-year to $1.3 billion, better than analysts’ forecast of $1.13 billion.
After the financial report was released, Under Armor’s stock price rose 3% in pre-market trading.
Patrik Frisk, President and CEO of Under Armor, noted: “The excellent performance in the first quarter was driven by the strong rebound in business in Asia and North America. In addition, with the With stable assets and liabilities and good inventory management capabilities, we are confident of achieving good development in 2021.”
As of March 31, 2021 In the first quarter, Under Armor’s key financial data are as follows:
Sales increased 35% year-on-year to $1.3 billion;
Gross profit margin increased by 370 basis points to 50%, mainly benefiting from product pricing, supply chain efficiency improvements and multi-channel combination;
Selling, general and administrative expenses fell 7% year-on-year to US$515 million, mainly due to a decrease in legal costs and marketing costs compared with the same period last year;
Operating income Net income was $78 million, and adjusted net income was $75 million;
Diluted earnings per share were $0.17, and adjusted diluted earnings per share were $0.16.
By channel
Wholesale: sales increased 35% year-on-year to US$800 million;
DTC (direct-to-consumer): Sales increased by 54% year-on-year to US$437 million, of which sales through e-commerce channels increased by 69% year-on-year.
By region
North American market: sales increased 32% year-on-year to US$806 million ;
International market: Sales increased by 58% year-on-year to US$452 million, of which sales in the EMEA (Europe, Middle East and Africa) region increased by 41% year-on-year. The Asia-Pacific region grew by 120% year-on-year, and the Latin American region grew by 9% year-on-year.
By category
Apparel: sales increased 35% year-on-year to US$810 million;
Footwear: Sales increased 47% year-on-year to $309 million;
Accessories : Sales increased 73% year over year to $117 million.
Against this backdrop, Under Armor raised its full-year forecast:
Full-year sales The sales growth rate will be raised from the original high single digits to 15%, of which the North American market sales will grow at a rate higher than about 15%, while the global market will grow at a rate lower than about 30%;
Operating profit forecast is raised from US$5 million to US$25 million to US$105 to US$115 million;
After adjustment Diluted earnings per share forecast is expected to increase fromof 0.12~0.14 was raised to 0.28~0.30.
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