Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 90

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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 due to a decrease in gross profit, partially offset by lower selling and distribution expenses. The decrease in gross profit was primarily driven by lower net revenues as discussed above, partially offset by lower product input and freight costs.

•Operating income in our EMEA region decreased by $7.0 million to $42.1 million from $49.1 million. This was primarily due to higher marketing-related expenses, partially offset by an increase in gross profit, which was driven by higher revenues as discussed above.

•Operating income in our Asia-Pacific region decreased by $2.0 million to $14.0 million from $16.0 million. This was primarily due to a decrease in gross profit driven by lower net revenues, as discussed above, and higher inventory returns. 

•Operating income in our Latin America region increased by $0.8 million to $14.2 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 $(