UAA – FY27 outlook comes up short as N America remains under pressure

研报英文原文证据摘录

UAA – FY27 outlook comes up short as N America remains under pressure

Truist Securities

Brand elevation strategy and more innovation expected to drive wholesale growth and provide a GM lift in FY27 – Throughout

FY26, UAA was focused on reducing unproductive SKUs (an area we think they’ve executed well in) and rolling out more new products

to generate stronger full-priced momentum across the marketplace. As they continue to elevate the assortment, UAA expects to realize a

meaningful GM benefit driven by stronger sell throughs at these higher price points. While potential tariff refunds account for ~150bps of

the forecasted 220bps-270bps GM expansion for FY27, incremental GM improvement is largely expected to be driven by pricing actions

(elevating the brand and reducing promotions) in addition to channel mix. Mgmt called out the UA Bouncy Cotton Tee that is launching

later this Month in APAC and exclusively with Dick’s Sporting Goods (DKS, Buy) in the US (followed by a late Summer release in EMEA).

The innovation pipeline (including this t-shirt which features full UA innovation like the NEOLAST recyclable stretch fiber) is driving more

positive feedback from strategic wholesale partners. Overall, UAA expects wholesale revenues to be up slightly in FY27.

Marketing shift remains in focus; expecting a sequential improvement in ecommerce – Overall ecommerce traffic remains

challenged and further actions are needed to elevate the brand’s perception (particularly in North America). As the company continues

to execute on its brand elevation strategy (as described above) and its shift in marketing (more brand-building marketing rather than

performance marketing), management expects to drive sequential improvement through the year with greater full-price realization with