By Chris Korman
5:40 AM PST, January 31, 2013
Baltimore-based apparel manufacturer Under Armour announced fourth-quarter profits of $506 million, representing a 25 percent increase from the same period in 2011.
The company also announced its full-year revenues of $1.835 billion represented a 25 percent increase, year over year.
"We closed 2012 strongly, delivering net revenue growth of at least 20% for the eleventh consecutive quarter in Q4 by building upon key apparel technology platforms like Storm Fleece and Charged Cotton," Under Armour founder and CEO Kevin Plank said in a statement. "Our ability to bring practical innovation to our consumer across a broad range of product drove our 25% net revenue growth in 2012 and positions us well for 2013 and beyond. With these strong results in hand, we are well on our way toward delivering on the goal established at our June 2011 Investor Day to more than double our net revenues from 2010 to 2013."
Under Armour generated $403 million, or $0.31 per share, in 2011. It earned $0.48 per share this year.
Apparel still generated the vast majority of Under Armour's revenue, bringing in $405 million, but company executives emphasized the possibility of growth in the footwear sector at the beginning of Under Armour's earning call.
The company announced last week that its vice president of footwear would be leaving the company.
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