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* Total Revenue up 5%-7%.
* Gross Margin down 375-400 basis points (industry wide discounting & high freight costs).
* Operating Income is expected to be $310-$335 million (compares to $375-$400 million).
* Selling, General Administrative costs should remain flat as expense control will be a priority.
They see new opportunity in street wear ("non-sweaty" apparel), but will not lose focus on their core business of athletic apparel and footwear.
No news on a new CEO, but stated they were still assembling a list of proven executives that could take over. If UA executes their 2023 estimates and appoint a new CEO, I see upward movement of the stock price later this year!
This is good and bad news, as it means the lawsuit is settled and UA can get back to business, but $67m off the balance sheet hurts pretty bad. The stock is up today, likely reflecting the freedom that comes with settled litigation.
I expect UA to continue its upward trend in the weeks ahead.
Just another data point. I never thought I would see so few kids care about this brand, that's for sure. I have no idea how this company could miss on strategy so badly. Guess that is why they turned over Frisk and his team.