Under Armour (NYSE:UA) reportsa wholesale revenue increased 4% in Q1 to $773M. Direct-to-consumer revenue was up 13% to $302M.
North American revenue fell 1% as industry bankrupcties factored in. International revenue was up 52% Y/Y.
The company's gross margin rate fell 70 bps to 45.2% as inventory management efforts pulled down on margins.
Footwear revenue increased 2% to $270M and accessories revenue rose 12% to $89M.
On the balance sheet, Under Armour ended the quarter with cash of $172M, inventory of $902M (+8%) and total debt of $861M.
