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Under Armour Inc C Stock Quote UA

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Morningstar's Under Armour Inc C Stock Analysis

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Sportswear Is an Attractive Category, but Under Armour Lacks a Competitive Edge

David Swartz Equity Analyst

Business Strategy and Outlook

| David Swartz |

We view Under Armour as lacking an economic moat, given its failure to build a competitive advantage over other athletic apparel firms. Between 2008 and 2016, the firm’s North American sales (around 70% of its consolidated base) increased to $4 billion from $700 million and it passed narrow-moat Adidas as the region’s second-largest athletic apparel brand (after wide-moat Nike). However, its North America sales have not grown over the past five years as it restructured and demand for performance gear, Under Armour’s primary category, has lagged that of athleisure. While sales of all activewear have been strong during the pandemic, we think the long-term benefits for the company will be limited as compared with global brands wide-moat Nike and narrow-moat Adidas. We think Under Armour has fallen behind on innovation and its product is not sufficiently differentiated.

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Key Statistics - UA

Company Profile - UA

Business Description

Under Armour develops, markets, and distributes athletic apparel, footwear, and accessories in North America and other territories. Consumers of its apparel include professional and amateur athletes, sponsored college and professional teams, and people with active lifestyles. The company sells merchandise through wholesale and direct-to-consumer channels, including e-commerce and more than 400 total global factory house and brand house stores. Under Armour also operates a digital fitness app called MapMyFitness. The Baltimore-based company was founded in 1996.

1020 Hull Street
Baltimore, MD, 21230
T +1 410 454-6428
Industry Apparel Manufacturing
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 17,500

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