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Wednesday
May 6, 2009
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Under Armour Focusing On New Products, Smarter Expansion Plans

Plank Says UA "Enters New
Categories Slowly"

Under Armour (UA) Chair & CEO Kevin Plank yesterday in a meeting with shareholders discussed the "future of the company and how it could succeed despite the financial situation," according to Andrea Walker of the Baltimore SUN. Plank said that the company will "focus on launching new products" and "controlling costs with measures such as slowing down its international expansion and implementing a global tax restructure." Plank "didn't rule out" starting a swimwear line, but cautioned that the company "enters new categories slowly." He noted that the company has launched a "shirt that works in both cold and hot weather," whereas before customers "had to buy separate shirts for each season." Plank added that UA also is introducing a product called "recharge," a "skintight suit that it says helps athletes recover from muscle strains, injuries and other workout ailments more quickly." Responding to questions from the approximately 70 shareholders at the meeting, UA CFO Brad Dickerson said that the company "doesn't plan on a dividend" for shareholders in the near future because it "wants to preserve cash." Meanwhile, despite being asked, Plank "never really said if Nike has offered to buy them" (Baltimore SUN, 5/6).

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