Women's Activewear

Plank: Under Armour wants to double sales in next three years

Under Armour Inc. CEO Kevin Plank told investors on Thursday the company's goal is to double its sales over the next three years.

The ambitious projection would put Under Armour's total revenue at $2 billion by 2013, just three years after the company hit $1 billion in sales for the first time in 2010. That mark took 15 years for the Baltimore sportswear maker to reach.

To get there, Plank told Wall Street analysts at the company’s Tide Point headquarters that Under Armour is going to rely more on sales to young athletes and women. The company is rolling out a new line of Armour sports bras and line of “Perfect Pant” pants for women yoga and working out. He reiterated a goal of its women’s sales eventually surpassing men’s. '

To do that the company is expanding its focus to include women in their late 20s and early 30s. Overall, Under Armour’s apparel sales have been growing about 30 percent a year, officials said.

The company also plans to boost sales of its products among teens and young adults, especially basketball, soccer and lacrosse players.

Source: Baltimore Business Journal

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