Under Armour, announced financial results for the second quarter ended June 30, 2013. Net revenues increased 23% in the second quarter of 2013 to $455 million compared with net revenues of $369 million in the prior year's period. Net income increased 163% in the second quarter of 2013 to $18 million compared with $7 million in the prior year's period. Diluted earnings per share for the second quarter of 2013 were $0.16 compared with $0.06 per share in the prior year's period.
Second quarter apparel net revenues increased 23% to $310 million compared with $253 million in the same period of the prior year, primarily driven by new baselayer product and the expansion of the Storm and Charged Cotton platforms.
Kevin Plank, Chairman and CEO of Under Armour, Inc., stated, "We continued to create great excitement in the marketplace during the second quarter through innovative design across all platforms – apparel, footwear and accessories – speaking loudly to the next generation of Under Armour athletes.
While we continue to see great momentum in our apparel business, we are demonstrating share gains in footwear on the field with baseball and football cleats, as well as building upon our momentum in running footwear with foundational platforms like UA Spine. This continued execution against our athlete's demanding expectations helped drive net revenues growth in excess of 20% for the 13th consecutive quarter."
Gross margin for the second quarter of 2013 was 48.3% compared with 45.9% in the prior year's quarter, primarily reflecting lower year-over-year North American apparel and accessories product costs and favorable year-over-year sales mix.
Selling, general and administrative expenses as a percentage of net revenues were 41.2% in the second quarter of 2013 compared with 42.7% in the prior year's period, primarily reflecting the timing of marketing expenses. Second quarter operating income increased to $32 million compared with $12 million in the prior year's period.
