Mission Statement, Vision, & Core Values (2024) of Under Armour, Inc. (UA).

An Overview of Under Armour, Inc. (UA)

General Summary of Under Armour, Inc. (UA)

Under Armour, Inc. was founded in 1996 by Kevin Plank. The company gained recognition for its innovative moisture-wicking apparel and has since expanded its product line to include footwear, accessories, and a range of performance apparel. As of 2024, Under Armour operates globally, with a strong presence in North America, Europe, Asia-Pacific, and Latin America. The company's mission is to empower athletes through performance solutions, and it is known for its commitment to quality and innovation.

As of 2024, Under Armour's total net revenues amounted to $2.88 billion, reflecting its continued focus on direct-to-consumer sales and international markets. The company has positioned itself as a leader in the athletic apparel industry, competing with major brands such as Nike and Adidas.

Company's Financial Performance in the Latest Financial Reports

In the latest financial report for the six months ended September 30, 2023, Under Armour reported a total net revenue of $2,883.7 million, a decrease of 1.3% from $2,922.9 million in the same period in 2022. The breakdown of net revenues by region is as follows:

During the same reporting period, Under Armour achieved a gross profit of $1.36 billion, a slight increase from $1.34 billion in 2022. The gross margin improved to 47.2% from 46.0% in the prior year. Operating income for the six months was reported at $166.7 million, rising from $153.9 million in the same period a year earlier.

Net income for the period reached $118.2 million, compared to $94.6 million in 2022. This resulted in a basic net income per share of $0.27 and diluted net income per share of $0.26.

Introduction to Under Armour as a Leader in the Industry

Under Armour has established itself as a prominent player in the athletic and performance apparel industry. With a focus on innovation and quality, the company continues to capture market share and expand its global footprint. Under Armour's commitment to athletes and performance solutions has solidified its reputation as a trusted brand among consumers.

Investors and industry professionals are encouraged to explore further to understand the factors contributing to Under Armour's ongoing success and its strategic initiatives aimed at enhancing market presence.

Mission Statement of Under Armour, Inc. (UA)

Company's Mission Statement Overview

Under Armour, Inc. (UA) operates with a mission statement that focuses on empowering athletes through innovative performance products. This mission is central to guiding the company's long-term strategies and operational decisions. Under Armour's commitment to quality and performance is reflected in its product offerings, which have been designed to enhance athletic performance across various sports.

Core Component 1: Empowering Athletes

One of the primary components of Under Armour's mission is to empower athletes. The company aims to inspire athletes to achieve their personal best, whether they are professionals or everyday sports enthusiasts. This commitment is evident in the company's investment in research and development, leading to innovative products that enhance performance.

For instance, Under Armour's proprietary technology, such as HeatGear and ColdGear, is designed to regulate body temperature during extreme conditions, showcasing the company's focus on athlete empowerment. In the fiscal year ending September 30, 2023, Under Armour reported net revenues of $2.88 billion, with a significant portion attributed to its high-performance apparel line.

Core Component 2: Innovation and Quality

Innovation is at the heart of Under Armour's mission statement, with a strong emphasis on delivering high-quality products. The company's research initiatives and partnerships with athletes help to drive product development that meets the needs of a diverse range of sports.

During the three months ended September 30, 2023, Under Armour's gross profit increased by $38.2 million, reaching $752 million, indicating a robust response to market demands for innovative products. Furthermore, Under Armour's marketing expenses rose by 8.0% to $606.2 million, reflecting its commitment to promoting innovative products.

Core Component 3: Community and Sustainability

Under Armour also emphasizes community engagement and sustainability within its mission statement. The company strives to create a positive impact through its initiatives that support athletes and communities alike. This includes programs that promote health and fitness, as well as sustainability efforts aimed at reducing environmental impact.

For example, Under Armour invested approximately $40.3 million in constructing its new global headquarters, designed with sustainability in mind. The company also reported a cash position of $655.9 million as of September 30, 2023, allowing it to invest in community and sustainability initiatives effectively.

Vision Statement of Under Armour, Inc. (UA)

Vision Statement of Under Armour, Inc. (UA)

The vision statement of Under Armour, Inc. reflects its aspirational goals and the direction in which the company aims to move. As of 2024, the vision statement emphasizes the commitment to innovation, performance, and empowering athletes. The key components of this vision can be structured as follows:

Under Armour aims to be at the forefront of innovation in athletic performance gear. This commitment is demonstrated through significant investments in research and development. In 2023, Under Armour allocated approximately $40.3 million towards capital expenditures, focusing on technology enhancements and product development.

The company focuses on empowering athletes of all levels, from amateurs to professionals. Under Armour's marketing strategy includes high-profile sponsorships and partnerships, which amounted to $606.2 million in selling, general, and administrative expenses for the second quarter of 2023, representing a 2% increase year-over-year. The direct-to-consumer channel also saw growth, with net revenues increasing by 3.2% to $595.8 million during the same period.

Under Armour seeks to expand its global brand presence. For the three months ended September 30, 2023, the company reported total net revenues of $1.57 billion, with significant contributions from the North American market, which generated $991.4 million. The EMEA and Asia-Pacific regions also showed growth, with revenues increasing by 9.3% and 2.8%, respectively.

As part of its vision, Under Armour is committed to sustainability and reducing its environmental impact. The company is investing in sustainable building designs for its new global headquarters, which aligns with its long-term sustainability strategy. This includes sourcing renewable electricity and reducing greenhouse gas emissions.

Table: Financial Overview as of September 30, 2023

Under Armour's vision statement and its execution in 2024 are characterized by a strong commitment to innovation, athlete empowerment, global presence, and sustainability. The financial metrics further illustrate the company's strategic positioning and operational effectiveness in achieving its vision.

Core Values of Under Armour, Inc. (UA)

Core Value: Innovation

The core value of innovation is fundamental to Under Armour, Inc. (UA) as it drives the company to continuously improve its products and services. This commitment is reflected in various initiatives and product developments.

In 2024, Under Armour launched its new UA HOVR™ technology, which integrates a unique cushioning system designed to enhance energy return and reduce impact. This innovation represents a significant advancement in performance footwear, and the company reported that sales of footwear increased by 5.2% year-over-year in Q2 2024, contributing to overall net revenues of $1,566.7 million for that quarter.

Core Value: Performance

Under Armour emphasizes performance in its products, ensuring that athletes can achieve their best. The company has developed performance apparel that incorporates moisture-wicking fabrics and temperature regulation technologies.

In the first half of 2024, UA's apparel segment generated $1.1 billion in net sales, demonstrating a 3.1% increase compared to the previous year. This growth highlights consumer demand for high-performance gear, reinforcing Under Armour's commitment to delivering quality products that enhance athletic performance.

Core Value: Integrity

Integrity is at the heart of Under Armour's corporate ethos, guiding its interactions with customers, employees, and stakeholders. The company maintains transparency in its business practices and is committed to ethical sourcing and production.

As of 2024, Under Armour has implemented a rigorous supplier code of conduct that mandates compliance with labor laws and environmental standards. This commitment is reflected in the company's supply chain finance program, which had obligations of $175.8 million as of September 30, 2023, indicating a focus on responsible financial practices.

Core Value: Community

Under Armour is dedicated to supporting the communities in which it operates. The company engages in various outreach programs and initiatives aimed at promoting physical fitness and wellness.

In 2024, Under Armour launched the "UA Give Back" program, which has contributed over $2 million to local sports programs and initiatives aimed at increasing youth participation in sports. This initiative underscores the company's commitment to making a positive impact in communities across the globe.

Core Value: Sustainability

Sustainability is increasingly important for Under Armour as it seeks to reduce its environmental footprint. The company has adopted several initiatives aimed at promoting sustainability in its operations.

As part of its sustainability strategy, Under Armour aims to reduce greenhouse gas emissions and increase the use of renewable energy. In 2024, the company is expected to invest approximately $40.3 million into its new global headquarters, which is designed with sustainable building features. This investment illustrates Under Armour's commitment to environmental stewardship and sustainable business practices.