<p>安德玛-C（Under Armour Inc – Class C (UA)）已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>安德玛最新的财报电话会议描绘了一个谨慎但积极的前景，管理层在明显的运营进展与持续的财务压力之间取得了平衡。高管们强调了更紧凑的库存、产品简化和国际增长，作为转型取得成效的证明，但也承认收入下降、利润压缩以及最近的运营亏损，使得复苏之路仍然缓慢。</p>
<h2>产品动能与运动信誉</h2>
<p>安德玛在产品故事和运动员验证方面投入了大量精力，以强化其表现定位，特别强调了 Sharon Lokedi 连续第二次赢得波士顿马拉松的成就作为重要证明。公司推出了 BANT 和 Velocity Pro 距离跑鞋等高端创新产品，以及 NEOLAST 可回收拉伸纤维 T 恤，同时专注于前 10 个推动销量的产品，以使其产品组合更具高端性和相关性。</p>
<h2>产品简化的进展</h2>
<p>管理层强调，产品简化是转型的核心支柱，过去两年 SKU 减少了约 25%。转向围绕大约十种运动的更紧凑的品类管理模式旨在减少复杂性，提高全价销售率，并最终支持更健康的利润率。</p>
<h2>区域优势与选择性增长</h2>
<p>尽管整体收入承压，安德玛报告了国际市场上显著的增长点，为北美的疲软提供了一定的平衡。在 2026 财年，EMEA 地区的收入按报告口径增长了 9%，而第四季度亚太地区和拉丁美洲的收入均实现了两位数的增长，强调该品牌在其本土市场之外仍有增长空间。</p>
<h2>库存管理与资产负债表调整</h2>
<p>公司强调了改善的库存管理，年末库存下降 3% 至 9.15 亿美元，并因更紧凑的采购和专注的产品组合而被描述为更高质量。安德玛还划拨了 6.05 亿美元的限制性投资，以完全覆盖将于 6 月到期的高级票据，为偿还债务和增强资产负债表做好准备。</p>
<h2>成本控制与 SG&amp;A 减少</h2>
<p>成本控制是一个核心主题，2026 财年调整后的 SG&amp;A 下降 5% 至 22 亿美元，第四季度 SG&amp;A 下降 15% 至 5.18 亿美元。调整后的第四季度 SG&amp;A 下降 14% 至 5.03 亿美元，得益于较低的市场营销时机、减少的激励补偿和其他费用削减，这些共同支持了利润率的修复工作。</p>
<h2>利润压力与关税阻力</h2>
<p>即使在削减成本的情况下，利润率仍然承压，2026 财年调整后的毛利率下降了 220 个基点，降至 45.7%。第四季度毛利率大幅下降，供应链问题和美国关税造成了超过 300 个基点的拖累，额外的促销活动进一步加大了压力，突显出外部和内部因素对盈利能力的影响。</p>
<h2>运营亏损与低盈利指标</h2>
<p>底线反映了持续转型的压力，安德玛报告第四季度运营亏损 3400 万美元。全年调整后的运营收入达到 1.07 亿美元，调整后的稀释每股收益仅为 0.12 美元，突显出盈利能力仍需大幅提升，即使管理层正在执行其重组计划。</p>
<h2>转型成本与一次性费用</h2>
<p>公司扩大了其全面的转型计划，预计总成本约为 3.05 亿美元，主要将在年底前完成。这些一次性费用增加了复杂性，并对近期业绩造成压力，但管理层将其视为简化业务和建立更持久利润结构的必要投资。</p>
<h2>电子商务与促销环境</h2>
<p>直接面向消费者的趋势在本季度表现不一，DTC 收入增长 5%，自营店增长 8%，而电子商务持平。高管们承认在线流量仍然面临挑战，并且在 2026 财年下半年促销强度上升，给利润率带来了压力，进一步强调了需要更精准的市场营销和商品执行。</p>
<h2>税率挑战与市场不确定性</h2>
<p>管理层警告投资者，预计 2027 财年的有效税率将异常高，无论是 GAAP 还是非 GAAP，原因在于地理组合和与重组相关的估值准备金。加上持续的消费者不确定性和战略上的谨慎取舍，公司前景依然保守，表明转型仍在进行中，而非已完成。</p>
<h2>前瞻指引与展望</h2>
<p>展望未来，安德玛预计 2027 财年收入将略低于 2026 财年的 50 亿美元，北美的低个位数下降部分被 EMEA 和亚太地区的适度增长所抵消。公司预计毛利率将因关税退款而扩展约 220-270 个基点，调整后的运营收入目标在 1.4 亿至 1.6 亿美元之间，调整后的每股收益为 0.08-0.12 美元，将 2027 财年框定为利润重建而非收入扩张的一年。</p>
<p>安德玛的财报电话会议为投资者提供了现实与决心的适度结合，管理层承认持续的收入和利润压力，同时指出已经改善业务的切实步骤。目前的故事仍然是有序修复，逐步的国际增长、产品简化和成本控制为潜在的盈利恢复奠定了基础，前提是公司能够重新点燃需求，特别是在北美市场。</p>

安德玛-C

安德玛-A

<p>安德玛的第四季度财报电话会议透露了谨慎的前景，强调在财务压力下的运营进展。关键点包括 SKU 减少 25%、库存管理改善，以及国际市场的增长，特别是在欧洲、中东和非洲（EMEA）及亚太地区（APAC）。尽管第四季度出现 3400 万美元的运营亏损，管理层预计北美的收入将略有下降，但其他地区将实现适度增长。公司目标是在 2027 财年实现调整后的运营收入为 1.4 亿至 1.6 亿美元，同时面临关税和高有效税率的挑战</p>

<p>Under Armour Inc – Class C ((UA)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>安德玛-C（Under Armour Inc – Class C (UA)）已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Under Armour’s latest earnings call painted a cautious but constructive picture, as management balanced clear signs of operational progress with lingering financial pressure. Executives highlighted tighter inventory, product simplification and international growth as proof the turnaround is taking hold, yet acknowledged falling revenue, compressed margins and a recent operating loss that leave the recovery on a gradual path.</p>
<div class="lb-trans"><p>安德玛最新的财报电话会议描绘了一个谨慎但积极的前景，管理层在明显的运营进展与持续的财务压力之间取得了平衡。高管们强调了更紧凑的库存、产品简化和国际增长，作为转型取得成效的证明，但也承认收入下降、利润压缩以及最近的运营亏损，使得复苏之路仍然缓慢。</p>
</div><h2>Product Momentum and Athletic Credibility</h2>
<div class="lb-trans"><h2>产品动能与运动信誉</h2>
</div><p>Under Armour leaned heavily on product stories and athlete validation to reinforce its performance positioning, spotlighting Sharon Lokedi’s second straight Boston Marathon win as a marquee proof point. The company is rolling out premium innovations such as BANT and Velocity Pro distance footwear plus a NEOLAST recyclable stretch fiber T, while focusing on the top 10 volume-driving items to make its assortment more premium and relevant.</p>
<div class="lb-trans"><p>安德玛在产品故事和运动员验证方面投入了大量精力，以强化其表现定位，特别强调了 Sharon Lokedi 连续第二次赢得波士顿马拉松的成就作为重要证明。公司推出了 BANT 和 Velocity Pro 距离跑鞋等高端创新产品，以及 NEOLAST 可回收拉伸纤维 T 恤，同时专注于前 10 个推动销量的产品，以使其产品组合更具高端性和相关性。</p>
</div><h2>Progress on Product Simplification</h2>
<div class="lb-trans"><h2>产品简化的进展</h2>
</div><p>Management emphasized that product simplification is a core plank of the turnaround, noting SKUs have been cut by about 25% over the past two years. The shift to a tighter category-management model built around roughly a dozen sports is designed to reduce complexity, lift full-price sell-through and ultimately support healthier margins.</p>
<div class="lb-trans"><p>管理层强调，产品简化是转型的核心支柱，过去两年 SKU 减少了约 25%。转向围绕大约十种运动的更紧凑的品类管理模式旨在减少复杂性，提高全价销售率，并最终支持更健康的利润率。</p>
</div><h2>Regional Strength and Selective Growth</h2>
<div class="lb-trans"><h2>区域优势与选择性增长</h2>
</div><p>Despite overall revenue pressure, Under Armour reported meaningful pockets of international strength that offer some balance to North America weakness. In fiscal 2026 EMEA revenue grew 9% on a reported basis, while Q4 saw double-digit reported gains in APAC and Latin America, underscoring that the brand still has growth runway outside its home market.</p>
<div class="lb-trans"><p>尽管整体收入承压，安德玛报告了国际市场上显著的增长点，为北美的疲软提供了一定的平衡。在 2026 财年，EMEA 地区的收入按报告口径增长了 9%，而第四季度亚太地区和拉丁美洲的收入均实现了两位数的增长，强调该品牌在其本土市场之外仍有增长空间。</p>
</div><h2>Inventory Discipline and Balance Sheet Moves</h2>
<div class="lb-trans"><h2>库存管理与资产负债表调整</h2>
</div><p>The company underscored improved inventory discipline, ending the year with stock down 3% to $915 million and described as higher quality thanks to tighter buys and focused assortments. Under Armour also carved out $605 million in restricted investments to fully cover senior notes coming due in June, positioning itself to pay down debt and strengthen the balance sheet.</p>
<div class="lb-trans"><p>公司强调了改善的库存管理，年末库存下降 3% 至 9.15 亿美元，并因更紧凑的采购和专注的产品组合而被描述为更高质量。安德玛还划拨了 6.05 亿美元的限制性投资，以完全覆盖将于 6 月到期的高级票据，为偿还债务和增强资产负债表做好准备。</p>
</div><h2>Cost Control and SG&amp;A Reductions</h2>
<div class="lb-trans"><h2>成本控制与 SG&amp;A 减少</h2>
</div><p>Cost discipline was a central theme, with fiscal 2026 adjusted SG&amp;A down 5% to $2.2 billion, and fourth-quarter SG&amp;A falling 15% to $518 million. Adjusted Q4 SG&amp;A dropped 14% to $503 million, helped by lower marketing timing, reduced incentive compensation and other expense cuts, which collectively support the margin repair effort.</p>
<div class="lb-trans"><p>成本控制是一个核心主题，2026 财年调整后的 SG&amp;A 下降 5% 至 22 亿美元，第四季度 SG&amp;A 下降 15% 至 5.18 亿美元。调整后的第四季度 SG&amp;A 下降 14% 至 5.03 亿美元，得益于较低的市场营销时机、减少的激励补偿和其他费用削减，这些共同支持了利润率的修复工作。</p>
</div><h2>Margin Pressures and Tariff Headwinds</h2>
<div class="lb-trans"><h2>利润压力与关税阻力</h2>
</div><p>Even with cost cuts, margins remained under pressure, as adjusted gross margin for fiscal 2026 fell 220 basis points to 45.7%. Fourth-quarter gross margin declined sharply, with supply chain issues and U.S. tariffs contributing more than 300 basis points of drag and incremental promotions adding further pressure, highlighting how external and internal factors are weighing on profitability.</p>
<div class="lb-trans"><p>即使在削减成本的情况下，利润率仍然承压，2026 财年调整后的毛利率下降了 220 个基点，降至 45.7%。第四季度毛利率大幅下降，供应链问题和美国关税造成了超过 300 个基点的拖累，额外的促销活动进一步加大了压力，突显出外部和内部因素对盈利能力的影响。</p>
</div><h2>Operating Loss and Low Profitability Metrics</h2>
<div class="lb-trans"><h2>运营亏损与低盈利指标</h2>
</div><p>The bottom line reflected the strain of the ongoing turnaround, with Under Armour posting a reported Q4 operating loss of $34 million. For the full year, adjusted operating income reached $107 million and adjusted diluted EPS was just $0.12, underscoring how far profitability still has to climb even as management executes its restructuring plan.</p>
<div class="lb-trans"><p>底线反映了持续转型的压力，安德玛报告第四季度运营亏损 3400 万美元。全年调整后的运营收入达到 1.07 亿美元，调整后的稀释每股收益仅为 0.12 美元，突显出盈利能力仍需大幅提升，即使管理层正在执行其重组计划。</p>
</div><h2>Transformation Costs and One-Time Charges</h2>
<div class="lb-trans"><h2>转型成本与一次性费用</h2>
</div><p>The company has expanded its comprehensive transformation program, which now carries expected total costs of around $305 million to be largely completed by year-end. These one-time charges add complexity and weigh on near-term results, but management framed them as necessary investments to simplify the business and build a more durable margin structure.</p>
<div class="lb-trans"><p>公司扩大了其全面的转型计划，预计总成本约为 3.05 亿美元，主要将在年底前完成。这些一次性费用增加了复杂性，并对近期业绩造成压力，但管理层将其视为简化业务和建立更持久利润结构的必要投资。</p>
</div><h2>E-Commerce and Promotional Environment</h2>
<div class="lb-trans"><h2>电子商务与促销环境</h2>
</div><p>Direct-to-consumer trends were mixed in the quarter, with DTC revenue up 5% as owned stores grew 8% while e-commerce was flat. Executives acknowledged that online traffic remains challenged and that promotional intensity rose in the second half of fiscal 2026, pressuring margins and reinforcing the need for sharper marketing and merchandising execution.</p>
<div class="lb-trans"><p>直接面向消费者的趋势在本季度表现不一，DTC 收入增长 5%，自营店增长 8%，而电子商务持平。高管们承认在线流量仍然面临挑战，并且在 2026 财年下半年促销强度上升，给利润率带来了压力，进一步强调了需要更精准的市场营销和商品执行。</p>
</div><h2>Tax Rate Challenges and Market Uncertainty</h2>
<div class="lb-trans"><h2>税率挑战与市场不确定性</h2>
</div><p>Management cautioned that investors should expect an unusually high effective tax rate in fiscal 2027, both on a GAAP and non-GAAP basis, due to geographic mix and restructuring-related valuation allowances. Coupled with ongoing consumer uncertainty and deliberate strategic trade-offs, the company’s outlook remains conservative, signaling that the turnaround is still in progress rather than complete.</p>
<div class="lb-trans"><p>管理层警告投资者，预计 2027 财年的有效税率将异常高，无论是 GAAP 还是非 GAAP，原因在于地理组合和与重组相关的估值准备金。加上持续的消费者不确定性和战略上的谨慎取舍，公司前景依然保守，表明转型仍在进行中，而非已完成。</p>
</div><h2>Forward Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻指引与展望</h2>
</div><p>Looking ahead, Under Armour guided fiscal 2027 revenue to be slightly below the $5.0 billion recorded in fiscal 2026, with low-single-digit declines in North America partly offset by modest growth in EMEA and APAC. The company expects gross margin to expand by roughly 220–270 basis points helped by a tariff refund, with adjusted operating income targeted between $140 million and $160 million and adjusted EPS of $0.08–$0.12, framing fiscal 2027 as a year of margin rebuilding rather than top-line expansion.</p>
<div class="lb-trans"><p>展望未来，安德玛预计 2027 财年收入将略低于 2026 财年的 50 亿美元，北美的低个位数下降部分被 EMEA 和亚太地区的适度增长所抵消。公司预计毛利率将因关税退款而扩展约 220-270 个基点，调整后的运营收入目标在 1.4 亿至 1.6 亿美元之间，调整后的每股收益为 0.08-0.12 美元，将 2027 财年框定为利润重建而非收入扩张的一年。</p>
</div><p>Under Armour’s earnings call offered investors a measured blend of realism and resolve, as management acknowledged ongoing revenue and margin pressure while pointing to tangible steps that are already improving the business. For now the story remains one of disciplined repair, with gradual international growth, product simplification and cost controls setting the stage for a potential earnings recovery if the company can reignite demand, particularly in North America.</p>
<div class="lb-trans"><p>安德玛的财报电话会议为投资者提供了现实与决心的适度结合，管理层承认持续的收入和利润压力，同时指出已经改善业务的切实步骤。目前的故事仍然是有序修复，逐步的国际增长、产品简化和成本控制为潜在的盈利恢复奠定了基础，前提是公司能够重新点燃需求，特别是在北美市场。</p>
</div>

安德玛正在谨慎地规划其盈利之路