Under Armour Plans To Double Sales Over Next Three Years Relying On Women, Youth Sales
Under Armour President, Chair & CEO Kevin Plank Thursday said that the company's “goal is to double its sales over the next three years,” according to Gary Haber of the BALTIMORE BUSINESS JOURNAL. The “ambitious projection” would put Under Armour's total revenue at $2B by '13, “just three years after the company hit $1 billion in sales for the first time” last year. Plank, speaking during an Investors’ Day meeting, said that to reach that goal Under Armour is “going to rely more on sales to young athletes and women.” The company is “rolling out a new line of Armour sports bras and line of ‘Perfect Pant’ pants for women yoga and working out.” Plank “reiterated a goal of its women’s sales eventually surpassing men’s.” The company also “plans to boost sales of its products among teens and young adults, especially basketball, soccer and lacrosse players.” In addition, footwear “will also play a big part in Under Armour’s expansion plans,” as the company “plans to roll out two new shoes over the next year.” Under Armour executives said that the company “plans to introduce 700 ‘All-American shops’ in retail partners like Dick’s Sporting Goods, the Sports Authority and Finish Line.” The company by spring ’12 also “expects to have its underwear in 600 department stores nationwide.” Haber noted despite “all the new products Plank showed off to analysts Thursday,” he said that the company “still feels it hasn’t launched its ‘defining product.’” Plank: “We’re focused with laser precision on making that happen very soon” (BIZJOURNALS.com, 6/9). In Baltimore, Andrea Walker notes analysts on Thursday “were invited onstage to throw water on models wearing” fleece sweatshirts the company plans to introduce in the fall that do not get wet, and the “water rolled right off.” Also planned are “shirts and shorts that better absorb the sun's ultraviolet and infrared rays so that the wearer doesn't get hot as quickly” (Baltimore SUN, 6/10).