Under Armour's Plank Discusses Company's Finances, Plans
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| Plank Discusses Under Armour Finances, Plans |
Under Armour Chair & CEO Kevin Plank this morning appeared on CNBC’s “Squawk Box” from M&T Bank Stadium in Baltimore, where the company is holding its annual Investor Day. Plank said, “We feel good about the year and obviously (the state of the economy) has been well-publicized, but there are brands that continue to drive foot traffic and we’re very proud of what we’ve delivered for our retail base. I think we’ve been pretty public about reiterating our outlook for the year of 26-28% and that’s based on a company that does 96% of its business here in the U.S.” Plank added of the company’s overseas growth potential, “We haven’t sold our first shirt in Brazil, China, Russia, or India yet. So when you think about that opportunity, there is the downside of the dollar exchange, but more importantly it’s the opportunity we have going forward. Those are markets we can grow like never before.” Plank said the company is "obviously thrilled about the excitement that we’ve seen" from the New Prototype cross-trainer, but he added, "What will really define success is how we’re positioned at year end to head into additional categories.” Plank added, “I think longterm as we continue to see leverage in the top line and leverage in what we’re doing in the bottom line as well, marketing is a place that we will definitely have opportunity going forward” (“Squawk Box,” CNBC, 5/29).
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