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Strategies & Market Trends : The New Economy and its Winners
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From: Bill Harmond9/16/2015 4:15:39 PM
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16-Sep-15 16:03 ET In Play Under Armour provides hightlights from today's Investor Day, says targeting 2018 net revenues of $7.5 bln (103.41 +4.73) :

The co unveiled the next chapter of its long-term growth story at its biennial Investor Day meeting, highlighted by a 2018 net revenuestarget of $7.5 billion, representing a 25% compounded annual growth rate from $3.1 billion in net revenues in 2014.

In addition to providing an update on its revenue goals, the Company provided a long-term operating income target of $800 million, representing a 23% compounded annual growth rate from $354 million in 2014 and inclusive of the Company's Connected Fitness acquisitions in early 2015. This anticipated performance includes a consistent gross margin of approximately 49% as ongoing product margin opportunities and mix benefits from Direct-to-Consumer and Connected Fitness are offset by the higher mix of International and Footwear businesses.

Below the operating line, the impacts of higher interest expense and share count dilution are expected to be offset by a reduction in the Company's effective tax rate to the mid-30s by 2018, resulting in earnings per share growth that is approximately in-line with operating income growth.
Consistent with current year guidance, the Company expects to deploy capital at an elevated rate to develop the capabilities and capacity needed to scale the global business. The Company will continue to evaluate its capital needs through 2018 as it plans to spend between 8% and 10% of net revenues annually.
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