Under Armour营收降7%至12.4亿美元 下修全年毛利率展望
总部位于马里兰州 Baltimore 的运动品牌 Under Armour 2026年11月6日公布2027财年第二季度业绩：截至2026年9月30日的三个月里，公司营收为12.42亿美元，同比下降7%。
分地区看，北美营收7.37亿美元、下降7%；国际营收5.09亿美元、下降7%，其中欧洲、中东与非洲地区下降9%、亚太地区下降9%，拉丁美洲增长3%。分渠道看，批发营收7.25亿美元、下降6%，直接面向消费者的业务营收4.94亿美元、下降8%，其中电商收入下降12%。分品类看，服装营收8.80亿美元、下降6%，鞋类2.34亿美元、下降11%，配件1.05亿美元、下降7%。
本季度公司毛利率为47.0%，同比下降30个基点，公司称主要受不利的汇率、渠道与地区结构及定价影响。营业利润为1,500万美元，调整后营业利润为2,500万美元；净亏损40万美元，大幅小于去年同期的净亏损1,881万美元。季末库存同比增加4%、至10.76亿美元，现金及现金等价物为2.85亿美元。
总裁兼首席执行官 Kevin Plank 表示：「我们的营收达到了预期，营业利润超过了展望。」他说，公司在转型中正提高全业务的效率、精简产品线并加大全球营销，以强化品牌、改善财务表现。
展望2027财年全年，公司维持营收中个位数下降的预期；毛利率改善幅度预期从此前的220至270个基点下修至170至220个基点，公司称原因包括燃油与运费上涨、计划中的库存管理动作与汇率逆风，其中中东冲突带来的逆风估计约4,500万美元，部分被约7,000万美元的既往关税成本退款抵消。营业利润指引则从0.96亿至1.16亿美元上调至0.99亿至1.19亿美元，调整后每股收益预期维持在0.08至0.12美元不变。（来源：Under Armour）
Under Armour Revenue Falls 7% to $1.24 Billion as It Cuts Its Gross Margin Outlook
Under Armour, the Baltimore, Maryland-based sportswear company, on November 6, 2026, reported results for the second quarter of fiscal 2027, the three months ended September 30, 2026. Revenue was $1.242 billion, down 7 percent from a year earlier.
By region, North America revenue fell 7 percent to $737 million and international revenue fell 7 percent to $509 million, with EMEA down 9 percent, Asia-Pacific down 9 percent and Latin America up 3 percent. By channel, wholesale revenue fell 6 percent to $725 million and direct-to-consumer revenue fell 8 percent to $494 million, with eCommerce revenue down 12 percent. By category, apparel revenue fell 6 percent to $880 million, footwear fell 11 percent to $234 million and accessories fell 7 percent to $105 million.
Gross margin decreased 30 basis points to 47.0 percent, which the company attributed mainly to unfavorable foreign currency, channel and regional mix, and pricing. Operating income was $15 million, or $25 million on an adjusted basis. The net loss was $0.4 million, far narrower than the $18.8 million net loss a year earlier. Inventory rose 4 percent to $1.076 billion, and cash and cash equivalents totaled $285 million at quarter-end.
'We delivered against our revenue expectation and exceeded our operating income outlook,' said Kevin Plank, Under Armour's president and CEO. He said the company is driving greater efficiency across the business, sharpening its product offering and amplifying global marketing to strengthen the brand and improve financial performance as the transformation progresses.
For fiscal 2027, the company still expects revenue to decline at a mid-single-digit rate. It cut its gross margin improvement outlook to 170 to 220 basis points, from 220 to 270 basis points, citing higher fuel and freight costs, planned inventory actions and foreign exchange headwinds, including an estimated $45 million headwind from the conflict in the Middle East, partly offset by about $70 million in refunds of prior tariff costs. The operating income outlook was raised to $99 million to $119 million, from $96 million to $116 million, and adjusted diluted earnings per share are still expected at $0.08 to $0.12. (Source: Under Armour)
来源：Under Armour
发布：GSM·美国（发布链接）
图片来源：图：位于 Baltimore 的 Under Armour 总部大楼。Fredlyfish4 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: The Under Armour headquarters building in Baltimore. By Fredlyfish4, CC BY-SA 4.0, via Wikimedia Commons.
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