On May 16th local time, Under Armour released its fourth quarter and full year results for the 2024 fiscal year as of March 31st. In the fourth quarter, Andema achieved a revenue of 1.3 billion US dollars, a year-on-year decrease of 5%; Net income of 7 million US dollars, adjusted net income of 49 million US dollars; The gross profit margin increased by 170 basis points to 45%.
In the fourth quarter, Andemar's revenue in the North American market decreased by 10% year-on-year to $772 million; International market revenue increased by 7% year-on-year to 561 million US dollars. Among them, the revenue in the Asia Pacific region was 227 million US dollars, with a growth rate of 1%, which is lower than 10% in Europe, Africa, the Middle East, and 20% in Latin America.
Throughout the year, Andema's revenue decreased by 3% year-on-year to $5.7 billion; Net income of 232 million US dollars, compared to 374 million US dollars in the previous year; The adjusted net income is 245 million US dollars. The Asia Pacific market achieved revenue of 873 million US dollars, a year-on-year increase of 5.8%; The main market in North America saw a year-on-year decrease of 8.3% in revenue to $3.82 billion.
In the financial report, Andema expects its revenue to continue to decline in the fiscal year 2025. At the same time, Andma also disclosed a restructuring plan. Over the next 18 months, Andma plans to spend $70-90 million on restructuring, hoping to drive demand growth through better products and stories.
It is reported that in the fiscal year 2025, Andema plans to halve the number of promotional days, improve online sales channels, and provide exclusive products to members. The adjustment of product types has also become a focus. Next, Andema plans to reduce the number of SKUs or styles by about 25% and expand the scale of high-quality products. Meanwhile, Andrea believes that the current environment in the Chinese, Southeast Asian, and Japanese markets can still have a substantial promoting effect on their performance in the short term. The long-term growth potential of the Asia Pacific region is enormous and will continue to expand the number of stores in the region.