Business is booming at Under Armour like never before, and according to Forbes, much of the brand’s recent success can be attributed to sneaker sales.
After putting up impressive sales numbers through an otherwise stagnant holiday shopping season, the Baltimore-based brand has announced its fourth quarter earnings. If you’ve been keeping up, it shouldn’t be much of a surprise that Under Armour’s still killing it, but even we were taken aback at how the sales broke down last quarter.
For starters, Under Armour raked in a total revenue of $1.17 billion, up 31 percent and well beyond analyst predictions of $1.12 billion. Unsurprisingly, its biggest category is still apparel with a staggering $865 million in sales and growth of 22 percent. However, footwear also proved to be a huge earner with $167 million in total sales, which amounts to an increase of — wait for it — 95 percent.
“The sell-through on the Curry Two was like nothing we’d ever seen before, which is the same thing people say after they see Curry play,” CEO Kevin Plank said during the earnings call.
Not only has the Steph Curry line proved to be a gold mine, but the brand’s running sneakers are also drawing more interest than ever. Due to the sneaker surge, Under Armour says it’s doubled the number of employees in its footwear division to 230.
Now, the brand has its sights set on 2016, where it’s forecasted a full-year revenue of $4.95 billion. Stay tuned.