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Under Armour Inc C UA Stock Quote

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Morningstar‘s Stock Analysis UA

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Athletic Apparel and Footwear Are Attractive Categories, but Under Armour Lacks a Competitive Edge

David Swartz Equity Analyst

Business Strategy and Outlook

| David Swartz |

We view Under Armour as lacking a moat, given its failure to build a competitive advantage over other athletic apparel firms. Between 2008 and 2016, the firm’s North American sales (around 70% of its consolidated base) increased to $4 billion from $700 million and it passed narrow-moat Adidas as the region’s second-largest athletic apparel brand (after wide-moat Nike). However, Under Armour’s North America sales have not grown over the past five years as it restructured and demand for performance gear, its primary category, has lagged that of athleisure. While sales of all activewear have been strong during the pandemic, we think Under Armour has fallen behind on innovation and its product is not sufficiently differentiated. The firm plans to introduce more casual apparel items, but these products are unlikely to generate material sales given the intense competition.

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Company Profile UA

Business Description

Under Armour develops, markets, and distributes athletic apparel, footwear, and accessories in North America, Asia-Pacific, Europe, and other regions. Consumers of its apparel include professional and amateur athletes, sponsored college and professional teams, and people with active lifestyles. The company sells merchandise through direct-to-consumer, including e-commerce and more than 400 combined factory house and brand house stores, and wholesale channels. Under Armour also operates a digital fitness app called MapMyFitness. The Baltimore-based company was founded in 1996.

1020 Hull Street
Baltimore, MD, 21230
T +1 410 454-6428
Industry Apparel Manufacturing
Most Recent Earnings Sep 30, 2022
Fiscal Year End Mar 31, 2023
Employees 17,500

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