Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 17

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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2 million from $13.4 million. This was primarily due to a decrease in selling and distribution expenses. Gross profit was relatively flat.

•Operating loss in our Corporate Other non-operating segment increased by $47.5 million to $220.9 million from $173.4 million. This was primarily due to an impairment charge related to vacating our previous global headquarters, higher incentive compensation, information technology related expenses and higher restructuring and related charges as a result of the 2025 restructuring plan as discussed above. Additionally, legal expenses were lower due to a $22.5 million accrual in the prior year related to the settlement of the Consolidated Securities Action as discussed in Note 10 to our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. 

Nine Months Ended December 31, 2024 Compared to Nine Months Ended December 31, 2023

Net Revenues

Nine Months Ended December 31,(In thousands)20242023Change ($)Change (%)North America$2,416,225 $2,733,297 $(317,072)(11.6)%EMEA807,960 797,781 10,179 1.3 %Asia-Pacific590,609 646,315 (55,706)(8.6)%Latin America170,340 179,240 (8,900)(5.0)%Corporate Other (1)(1,407)13,049 (14,456)(110.8)%Total net revenues$3,983,727 $4,369,682 $(385,955)(8.8)%

(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program.

The decrease in total net revenues for the nine months ended December 31, 2024, compared to the nine months ended December 31, 2023, was driven by the following:

40

•Net revenues in our North America region decreased by $317.1 million, or 11.6%, to $2,416.2 million from $2,733.3 million. This was driven by a decrease in both our direct-to-consumer channel and our wholesale channel, as well as a decrease in licensing revenues. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores.