From Stephen Curry scoring 57 points, the eighth time he scored more than 50 in a game, to Chase Yarn winning the NFL Defensive Rookie of the year and Joel Embiid putting up 33 to keep the 76ers in first place to Jordan Spieth posting a career-best 10 birdies in a round, there was no shortage of UA highlights this weekend.
7 for the gold quarterback, Tom Brady, as he had led the Tampa Bay Buccaneers for their second-ever Super Bowl victory.
In his 10 years as an Under Armour athlete, Tom has exemplified what perseverance, hard work and leadership can do in pursuit of excellence.
In 2020, we stuck to our playbook and leaned heavier into brand and product marketing to support successful introductions like our Project Rock collection, Meridian Pant, Infinity Bra, UA SPORTSMASK and in footwear, the HOVR Machina, Phantom 2 and the Breakthru.
As a pinnacle expression of this effort, we launched the Curry 8 basketball shoe, the first product to feature UA Flow.
At 2.2 billion of SG&A in 2020, our cost structure is not meant to support the 4.5 billion revenue that we realized last year, but instead, a larger top line business where we can begin to leverage some of the foundational investments necessary for our growth expectations.
Therefore, our breakeven is somewhere around the 4.7 billion mark.
With e-commerce up 40% in 2020 and representing nearly half of our total D2C business for the full year, we are hyper-focused on better understanding the consumer journey and building greater personalization capabilities to unlock even deeper connections with athletes.
With that said, let's dive into our fourth-quarter results starting with revenue, which was down 3% to 1.4 billion compared to the prior year.
From a channel perspective, our wholesale revenue was down 12%.
Keep in mind, about 130 million in orders shifted out of the fourth quarter into the first quarter of 2021 due to timing impacts from COVID-19 related to customer order flow and changes in supply chain timing that we discussed on our last call.
Our direct-to-consumer business increased 11% driven by 25% growth in our e-commerce business.
Our licensing business was down 12% driven primarily by lapping one-time settlements in the prior year with two of our North American partners and lower minimum royalty payments.
By product type, apparel revenue was down 4% driven by declines in our train and team sports categories.
Footwear was down 7% mainly driven by declines in our team sports category.
And finally, our accessories business was up 32%, with all of the growth being driven by SPORTSMASK.
From a regional and segment perspective, fourth-quarter revenue in North America was down 6%, negatively impacted by the COVID-19 timing impacts, I previously mentioned, as well as reduced off-price sales.
In EMEA, revenue was down 11%, also negatively impacted by COVID-19 timing impacts, partially offset by solid growth within our DTC business, primarily due to e-commerce.
Revenue in Asia Pacific was up 26% driven by growth across all channels, partially offset by timing impacts from COVID-19.
In Latin America, revenue was up 2% driven by DTC growth, which included strength in our e-commerce business, partially offset by impacts from COVID-19.
And finally, our Connected Fitness business was down 5% due to the sale of the MyFitnessPal platform in the quarter, which was completed in mid-December.
Fourth-quarter gross margin increased 210 basis points to 49.4%, including a 12 million impact related to restructuring efforts.
Excluding restructuring charges, adjusted gross margin increased 300 basis points to 50.3% driven by approximately 150 basis points of positive channel mix benefiting from lower year-over-year distributor and off-price sales, which carry a lower gross margin and a heavier mix toward DTC, which included strong e-commerce growth.
Additional year-over-year increases included 90 basis points of supply chain benefits primarily driven by product costing improvements and 30 basis points of positive regional mix driven by APAC growth in the quarter.
SG&A expense decreased 4% to $586 million due to our restructuring efforts and tighter spend management.
In the fourth quarter, we recorded 52 million of restructuring charges and certain impairments related to long-lived assets.
As a reminder, we expect to incur total estimated pre-tax restructuring and related charges under this plan in the range of 550 to 600 million.
For the full year, we realized 473 million in restructuring and related impairment charges and 141 million from impairments of long-lived assets and goodwill.
Our fourth-quarter operating income was 56 million.
Excluding restructuring and impairment charges, adjusted operating income was 120 million.
After tax, we realized net income of 184 million or $0.40 of diluted earnings per share during the quarter.
Excluding restructuring charges, as well as the noncash amortization of debt discount on our senior convertible notes and the gain in deal-related costs associated with the sale of MyFitnessPal, our adjusted net income was 55 million or $0.12 of adjusted diluted earnings per share for the quarter.
From a balance sheet perspective, I am pleased to report we ended the fourth quarter with 1.5 billion in cash and cash equivalents, inclusive of 199 million related to the sale of MyFitnessPal.
We also had no borrowings outstanding under our 1.1 billion revolver.
And finally, inventory for the fourth quarter was 896 million, relatively unchanged compared to the prior year.
Relative to revenue, we expect a high single-digit rate increase for the full year compared to 2020, reflecting a high single-digit increase in North America and a high-teens growth rate in our international business.
Third, as previously discussed, we will begin to exit certain undifferentiated wholesale distribution, primarily in North America, starting in the back half of 2021 with a plan to close about 2,000 to 3,000 wholesale partner doors, thereby expecting to win closer to 10,000 doors by the end of 2022.
For gross margin on a GAAP basis, we expect the full-year rate to be up slightly against our 2020 adjusted gross margin of 48.6%, with benefits from pricing and supply chain efficiency being largely offset by the sale of MyFitnessPal, which was a high gross margin business.
With all of that considered, we expect reported operating income to reach approximately 5 to 25 million and adjusted operating income to be approximately 130 to 150 million, which will take us to a reported diluted loss per share of about $0.18 to $0.20 or adjusted diluted earnings per share in the range of $0.12 to $0.14.
We are currently planning for first-quarter revenue to be up approximately 20%.
This expectation includes about 130 million of orders that shifted out of the fourth quarter of 2020 into the first quarter of 2021 due to timing impacts from COVID-19 related to customer order flow and changes in supply chain timing that we discussed earlier.
Next, we expect gross margin to be up about 180 to 200 basis points compared to the prior year driven primarily by pricing benefits related to lower promotions, primarily in DTC compared to the prior year, and continued supply chain benefits related to product costing improvements.
Bringing this to the bottom line, we expect a first quarter operating loss of approximately 55 to 70 million.
Excluding planned restructuring impacts, we expect adjusted operating income to be approximately 30 to 35 million.
Excluding restructuring, we expect about $0.03 of adjusted diluted earnings per share.

Summary:
With that said, let's dive into our fourth-quarter results starting with revenue, which was down 3% to 1.4 billion compared to the prior year.
From a channel perspective, our wholesale revenue was down 12%.
Fourth-quarter gross margin increased 210 basis points to 49.4%, including a 12 million impact related to restructuring efforts.
After tax, we realized net income of 184 million or $0.40 of diluted earnings per share during the quarter.
Excluding restructuring charges, as well as the noncash amortization of debt discount on our senior convertible notes and the gain in deal-related costs associated with the sale of MyFitnessPal, our adjusted net income was 55 million or $0.12 of adjusted diluted earnings per share for the quarter.
And finally, inventory for the fourth quarter was 896 million, relatively unchanged compared to the prior year.
Relative to revenue, we expect a high single-digit rate increase for the full year compared to 2020, reflecting a high single-digit increase in North America and a high-teens growth rate in our international business.
With all of that considered, we expect reported operating income to reach approximately 5 to 25 million and adjusted operating income to be approximately 130 to 150 million, which will take us to a reported diluted loss per share of about $0.18 to $0.20 or adjusted diluted earnings per share in the range of $0.12 to $0.14.