Under Armour Chief Financial Officer To Step Down Next Year
Under Armour has announced that Brad Dickerson, who serves as both the company’s current Chief Operating Officer (COO) and Chief Financial Officer (CFO), shall be stepping down next year in order to “pursue another professional opportunity outside of the athletic performance industry.” Dickerson will remain with the company until February 2016.
Dickerson has a long history with Under Armour. In fact, he has been with the company since 2004. He was named the Under Armour’s CFO in 2008 and was appointed to become COO earlier this year. Meanwhile, Under Armour founder and Chief Executive Officer Kevin Plank says that Dickerson played a big role in accelerating the company’s growth from the time it was still on pre-IPO to the brand transforming into a multi-billion dollar global business.
Last September during its biennial Investor Day meeting, Under Armour revealed its plans to reach a net revenues target of $7.5 billion by 2018. Fueled by significant consumer demand, the company had decided to raiser its long-term net revenue growth rate target from 22% to 25%.
All this optimism may be coming from the fact that the company has been enjoying extensive growth throughout the year. During its second quarter, Under Armour reported a net revenue growth of 29%, amounting to $784 million. Moreover, the company’s second quarter net revenues for apparel grew by 23% to $515 million while its accessories business reported a net revenue growth of 39% to $83 million. Meanwhile, the biggest net revenue growth was seen in Under Armour’s footwear business, growing from $110 million in the same period last year to $154 million, reflecting a growth of 40%.
Business has been good for Under Armour that the company decided to raise its 2015 net revenues outlook by 25% to $3.84 billion. Nonetheless, the company’s stock tumbled slightly after the announcement of Dickerson’s resignation. Under Armour’s stock is now down almost 2% to $101.30.