Kevin Plank, Chairman and CEO of Under Armour, stated: "For the past 24 consecutive quarters or six years, we have driven net revenue growth above 20% and we are incredibly proud of our start to 2016 with first quarter net revenue growth of 30%.  The strong results posted this quarter truly demonstrate the balanced growth of our brand across product categories, channels and geographies."

Net revenue increased by 30% in the first quarter of 2016 totaling 1.05 billion US dollars compared with net revenues of 805 million US dollars in similar period last year.  On a currency neutral basis, net revenues increased by 32%. Net income increased by 63% in the first quarter of 2016 reaching 19 million US dollars compared with 12 million US dollars in similar period last year.

During the first quarter, wholesale net revenues grew 28% year-over-year to 744 million US dollars compared to 579 million US dollars in the prior year's period, while Direct-to-Consumer net revenues grew 33% year-over-year to 266 million US dollars compared to 200 million US dollars in the prior year's period.  North America net revenues for the first quarter grew 26% year-over-year, or 27% on a currency neutral basis. International net revenues, which represented 14% of total net revenues for the first quarter, grew 56% year-over-year, or 65% on a currency neutral basis.

Within product categories, apparel net revenue increased by 20% totaling 667 million, mainly driven by growth in training and golf.  Footwear net revenue increased by 64% totaling 264 million US dollars, primarily reflecting the ongoing success of the Curry signature basketball line and expanded running offerings.  Accessories net revenue increased by 26% totaling 80 million US dollars, driven primarily by growth in headwear and bags.

Gross margin for the first quarter of 2016 was 45.9% compared with 46.9% in the prior year's period, primarily reflecting negative impacts of higher liquidations and foreign currency exchange rates, partially offset by approximately 60 basis points from improved product cost margins. 

Based on current visibility, Under Armour expects 2016 net revenue of approximately 5.0 billion US dollars, representing growth of 26% over 2015 and 2016 operating income in the range of 503 million US dollars to 507 million US dollars, representing growth of 23% to 24% over 2015.