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

An Overview of Under Armour, Inc. (UAA)

General Summary of Under Armour, Inc. (UAA)

Under Armour, Inc. (UAA), founded in 1996 by Kevin Plank, is a leading sports apparel and footwear company based in Baltimore, Maryland. The company initially gained recognition for its moisture-wicking T-shirts designed for athletes. Over the years, Under Armour has expanded its product line to include performance apparel, footwear, and accessories for a wide range of sports and fitness activities.

As of 2024, Under Armour reported total net revenues of $2.88 billion for the six months ended September 30, 2023, reflecting a 1.3% decline from $2.92 billion in the same period the previous year. The company's primary product categories include:

• Apparel
• Footwear
• Accessories

In 2024, Under Armour continues to focus on its direct-to-consumer sales strategy, which includes both retail stores and e-commerce platforms, while also maintaining partnerships with wholesale distributors.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports covering the period ending September 30, 2023, Under Armour demonstrated a net income of $118.2 million, compared to $94.6 million for the same period in 2022, marking an increase of 25%. This performance is attributed to improved gross profit margins and effective cost management strategies.

The following table summarizes key financial metrics for Under Armour for the three and six months ended September 30, 2023, compared to the same periods in 2022:

The increase in gross profit was primarily driven by a reduction in cost of goods sold, which decreased to $814.7 million for the three months ended September 30, 2023, compared to $860.1 million in the same period in 2022. This reflects a gross margin improvement from 45.4% to 48.0% year-over-year. The company also reported a significant increase in operating income, which rose to $166.7 million for the six months ended September 30, 2023, compared to $153.9 million for the same period in 2022.

Introduction to Under Armour as a Leader in the Industry

Under Armour stands as a prominent player in the global sports apparel and footwear market, competing against established brands such as Nike and Adidas. The company's commitment to innovation and performance-driven products has solidified its reputation among athletes and fitness enthusiasts. Under Armour's strategic initiatives in enhancing its e-commerce platform and expanding its direct-to-consumer sales model demonstrate its adaptability in a competitive landscape.

The company's market presence is reflected in its revenues across different regions, with North America contributing $1.82 billion and a notable growth rate of 9.8% in the EMEA region. As Under Armour continues to evolve, its focus remains on delivering high-quality performance products while fostering brand loyalty among consumers. Readers are encouraged to explore further insights into Under Armour's operational strategies and market position below.

Mission Statement of Under Armour, Inc. (UAA)

Mission Statement of Under Armour, Inc. (UAA)

Under Armour, Inc.'s mission statement is centered around the commitment to make all athletes better through passion, design, and the relentless pursuit of innovation. This mission serves as a guiding principle for the company, influencing its strategic direction and operational focus. The significance of this mission statement lies in its ability to unify the brand's objectives, inspire employees, and resonate with customers who seek performance-enhancing products.

Core Component 1: Making Athletes Better

The first core component of Under Armour's mission statement emphasizes the goal of making athletes better. This commitment is reflected in the company's product offerings, which include high-performance apparel, footwear, and accessories designed to enhance athletic performance. For instance, Under Armour's innovative HeatGear technology is engineered to keep athletes cool and dry, while ColdGear provides insulation in cold weather conditions. In the fiscal year 2023, Under Armour reported net revenues of $2.88 billion, with apparel contributing significantly to this figure.

Core Component 2: Passion for Design

The second core component highlights Under Armour's passion for design, which is evident in its commitment to creating stylish and functional products. The company invests heavily in research and development, allocating approximately 3% to 5% of its annual net revenues towards capital expenditures that support product innovation. This focus on design is crucial in differentiating Under Armour from competitors in a crowded market. For example, the UA HOVR running shoes feature a unique design that combines aesthetics with performance technology, appealing to both athletes and casual consumers alike.

Core Component 3: Relentless Pursuit of Innovation

The third core component, the relentless pursuit of innovation, underscores Under Armour's dedication to staying at the forefront of technology in sportswear. The company has embraced digital transformation through initiatives like the MapMyRun app, which enhances customer engagement and provides valuable data to improve product offerings. In the most recent earnings report, Under Armour noted a 2.8% increase in net revenues from the Asia-Pacific region, driven by innovative marketing strategies and enhanced digital capabilities.

Through its mission statement, Under Armour not only defines its purpose but also outlines its strategic focus on enhancing athlete performance, fostering design excellence, and driving innovation. This commitment is reflected in the company's financial performance and its ongoing efforts to adapt to the dynamic landscape of the sportswear industry.

Vision Statement of Under Armour, Inc. (UAA)

Vision Statement Overview

Under Armour's vision statement for 2024 emphasizes the company's commitment to empowering athletes through innovative products and experiences. The focus is on creating a community that inspires and motivates individuals to achieve their personal best.

Empowering Athletes

Under Armour aims to empower athletes by providing cutting-edge performance apparel, footwear, and accessories. The company has invested significantly in research and development, resulting in innovative technologies such as:

• UA HOVR™ cushioning technology
• UA RUSH™ fabric that enhances performance

In 2023, Under Armour reported a net revenue of $2.88 billion, demonstrating the effectiveness of its commitment to athlete empowerment.

Innovative Product Development

The company’s vision includes a strong emphasis on innovation. Under Armour spent approximately $105 million on research and development in 2023, which has led to the introduction of new product lines that cater to both professional athletes and fitness enthusiasts.

Community Engagement and Support

Under Armour actively engages with its community through various initiatives that support athletes at all levels. The company has partnered with over 1,000 schools and sports organizations to provide resources and support. This engagement reflects Under Armour's vision of building a supportive environment for athletes.

Environmental Responsibility

A key component of Under Armour’s vision is sustainability. The company is committed to reducing its environmental footprint by using recycled materials and promoting sustainable practices. In 2023, Under Armour reported that 30% of its products are made from sustainable materials, with a goal to increase this to 50% by 2025.

Global Reach and Impact

Under Armour's vision extends globally, with a focus on expanding its presence in international markets. As of September 2023, the company's EMEA region generated $513.7 million in net revenues, a 9.8% increase from the previous year. This growth underscores the brand’s commitment to reaching athletes worldwide.

Conclusion

Under Armour's vision statement for 2024 encapsulates its dedication to innovation, community support, and sustainability while empowering athletes globally. The company's strategic focus on these areas is expected to drive growth and strengthen its position in the competitive sports apparel market.

Core Values of Under Armour, Inc. (UAA)

Integrity

Integrity is a core value that Under Armour, Inc. (UAA) emphasizes in its operations and interactions. This value reflects the company's commitment to ethical practices and honesty in all business dealings.

In 2024, Under Armour has implemented several initiatives to uphold integrity, including a comprehensive ethics training program for employees. This program is designed to ensure that all team members understand the importance of ethical behavior and compliance with company policies.

In addition, Under Armour has established a whistleblower hotline, which allows employees to report unethical behavior anonymously. This initiative is part of the company’s broader strategy to foster a transparent and accountable workplace.

Innovation

Innovation is at the heart of Under Armour's product development strategy. The company is dedicated to creating cutting-edge performance apparel and footwear that enhance athletic performance.

As of 2024, Under Armour has invested approximately $50 million in research and development, focusing on advanced materials and technology integration in their products. For instance, the introduction of their UA HOVR™ cushioning technology has received positive feedback, contributing to a 15% increase in footwear sales year-over-year.

Moreover, Under Armour has partnered with tech companies to incorporate smart technology into their products, such as fitness tracking capabilities embedded in their apparel lines, which enhances user engagement and brand loyalty.

Community

Community involvement is a key component of Under Armour's corporate philosophy. The company actively engages with local communities through various outreach programs and charitable initiatives.

In 2024, Under Armour has committed over $5 million to support youth sports programs across the United States, focusing on providing access to sports for underprivileged children. The company’s "UA Give Back" initiative has partnered with over 200 organizations to promote physical fitness and wellness.

Additionally, Under Armour organizes annual community events, such as "UA Run Clubs," which encourage community participation and promote healthy lifestyles. These initiatives have positively impacted thousands of participants, fostering a sense of belonging and teamwork.

Sustainability

Sustainability is increasingly becoming a priority for Under Armour, as the company seeks to minimize its environmental impact and promote eco-friendly practices.

As of 2024, Under Armour has reported a 30% reduction in greenhouse gas emissions from its operations compared to 2021 levels. The company aims to achieve 100% renewable energy in its global operations by 2030, with significant investments in sustainable sourcing and manufacturing processes.

Under Armour has also launched an initiative to recycle and repurpose materials used in its products. This program has diverted over 200 tons of waste from landfills in the past year alone, showcasing the company's commitment to environmental stewardship.

Performance

Performance is a core value that Under Armour embraces to drive excellence in all aspects of its business. The company focuses on delivering high-quality products that meet the needs of athletes.

In its latest financial report for Q2 2024, Under Armour achieved net revenues of $1.57 billion, reflecting a slight decrease of 0.5% from the previous year, yet still demonstrating strong performance in key market segments. Apparel sales increased by 3.1%, highlighting the effectiveness of their product strategies and marketing efforts.

The company's operational efficiency has also improved, with a gross margin increase to 48.0%, attributed to better inventory management and cost control measures. Under Armour continues to set ambitious performance goals, aiming for a 10% growth in net revenues by the end of FY 2024.