Adjusted operating income for the period was $92m (£72m).
Revenue fell 6% to $1.5bn (£1.2bn). This was driven by a 13% drop in wholesale revenue, which was down to $712m (£564m), while North America revenue decreased 12% to $915m (£725m).
Apparel revenue decreased 6% to $1bn (£800m) and footwear sales were down 7% to $331 (£262m). Accessories revenue was flat at $105m (£83.2m).
However, direct-to-consumer revenue increased 4% to $741m (£587m) due to a 5% increase in owned and operated store revenue and a 2% increase in ecommerce revenue – which represented 45% of the total direct-to-consumer business in the quarter.
Revenue in Europe, the Middle East and Africa (EMEA) was also more positive, increasing 7%, and the same in Asia-Pacific, while sales in Latin America were up 9%.
Revenue is now expected to be down by 3-4% for fiscal year 2024, “tightening the previous expectation of a 2-4% decline,” the brand said in its financial results. Operating income is expected to reach $287m (£227.4m) to $297m (£235.3m). Excluding the company’s litigation reserve, adjusted operating income for the full year is expected to be $310m (£245.6m) to $320m (£253.6m).
Under Armour president and CEO, Stephanie Linnartz, added: “Despite a mixed retail environment during the holiday season, our third quarter revenue results were in line with our expectations; we were able to deliver better than anticipated profitability and remain on track to achieve our full-year outlook.
“As we close out fiscal 2024 and our strengthened leadership team begins to come up to speed in the quarters ahead – we are working to reset Under Armour toward a path of improved revenue growth and enhanced value creation in the future.”
