Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 8

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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 revenues$1,401,039 $1,486,043 $(85,004)(5.7)%$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.

Net Sales

Net sales decreased by $74.5 million, or 5.1%, to $1,377.7 million during the three months ended December 31, 2024, from $1,452.2 million during the three months ended December 31, 2023. Apparel decreased primarily due to lower unit sales and unfavorable channel mix, partially offset by higher average selling prices. Footwear decreased primarily due to lower unit sales and lower average selling prices. Accessories increased primarily due to higher average selling prices and higher unit sales, partially offset by unfavorable channel mix. From a channel perspective, the decrease in net sales was due to a decrease in both wholesale and direct-to-consumer.

Net sales decreased by $359.1 million, or 8.4%, to $3,914.8 million during the nine months ended December 31, 2024, from $4,273.8 million during the nine months ended December 31, 2023. Apparel decreased primarily due to lower unit sales, partially offset by higher average selling prices. Footwear decreased primarily due to lower unit sales and lower average selling prices. Accessories increased primarily due to higher average selling prices, partially offset by unfavorable channel mix. From a channel perspective, the decrease in net sales was due to a decrease in both wholesale and direct-to-consumer.

License Revenues

License revenues decreased by $5.2 million or 17.8%, to $23.9 million during the three months ended December 31, 2024, from $29.1 million during the three months ended December 31, 2023. This was primarily due to lower revenues from our licensing partners in North America.

License revenues decreased by $12.4 million or 15.0%, to $70.4 million during the nine months ended December 31, 2024, from $82.8 million during the nine months ended December 31, 2023. This was primarily due to lower revenues from our licensing partners in North America.

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Gross Profit

Cost of goods sold consists primarily of product costs, inbound