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PRESS RELEASE Under Armour Reports Third Quarter 2021 Results ; Raises Full Year Outlook 11.02.2021 BALTIMORE , Nov. 2 , 2021 / PRNewswire / Under Armour , Inc. ( NYSE : UA , UAA ) today announced unaudited financial results for the third quarter ended Sept. 30 , 2021. The company reports its financial performance in accordance with accounting principles generally accepted in the United States of America ( " GAAP " ) . This press release refers to " currency neutral " and " adjusted " amounts , which are non - GAAP financial measures described below under the " Non - GAAP Financial Information " paragraph . UNDER ARMOUR . " Our third - quarter results were driven by strong demand for the Under Armour brand and our ability to execute quickly to meet the needs of our consumers and customers , " said Under Armour President and CEO Patrik Frisk . " With industry - leading innovations , increased marketing efforts to deepen our connection with Focused Performers , and consistent operational discipline - we're building greater brand affinity and are on track to deliver record revenue and earnings results in 2021. " Third Quarter 2021 Review • Revenue was up 8 percent to $ 1.5 billion ( up 6 percent currency neutral ) compared to the prior year . • Wholesale revenue increased 10 percent to $ 911 million and direct - to - consumer revenue increased 12 percent to $ 604 million , driven by a strong performance in owned and operated stores offset by a 4 percent decline in eCommerce , which represented 33 percent of the total direct - to - consumer business . • North America revenue increased 8 percent to $ 1.0 billion and international revenue increased 18 percent to $ 510 million ( up 13 percent currency neutral ) . Within the international business , revenue increased 19 percent in Asia- • Pacific ( up 13 percent currency neutral ) , increased 15 percent in EMEA ( up 11 percent currency neutral ) , and increased 27 percent in Latin America ( up 20 percent currency neutral ) . Apparel revenue increased 14 percent to $ 1.1 billion . Footwear revenue increased 10 percent to $ 330 million . Accessories revenue decreased 13 percent to $ 126 million . • Gross margin increased 310 basis points to 51.0 percent , driven by benefits from pricing and channel mix , offset by the absence of MyFitnessPal and supply chain headwinds . • Sales , general & administrative expenses increased 8 percent to $ 599 million . • Restructuring charges were $ 17 million . • Operating income was $ 172 million . Adjusted operating income was $ 189 million . • Net income was $ 113 million . Adjusted net income was $ 145 million . • Diluted earnings per share was $ 0.24 . Adjusted diluted earnings per share was $ 0.31 . • Inventory was down 21 percent to $ 838 million . • Cash and Cash Equivalents were $ 1.3 billion at the end of the quarter , and no borrowings were outstanding under the company's $ 1.1 billion revolving credit facility .