In an earnings call on Tuesday morning, Under Armour president Patrick Frisk said Stephen Curry’s next signature shoe, the Curry 6, would be unveiled in “a few weeks.”
If you’ve been following WearTesters you saw what could be the Curry 6 leaked yesterday. Now, Under Armour’s president — a man with 30 years experience in the retail, footwear, and apparel industry — says the shoe is arriving soon. The “a few weeks” measure for the upcoming Curry 6 announcement may mean a release right around Thanksgiving (release calendars indicate that the last Curry 5 may release that week).
Under Armour’s latest earnings call also shed light on how the company is gearing up for 2019. “Great product wins,” said Kevin Plank, Under Armour founder, CEO, and chairman, on the earnings call. Thus, the company has dropped its SKU count by 40% with 30% fewer promotional days compared to last year. However, the company’s inventory has only decreased by 1% to $1.2 billion. “We learned a lot of lessons with the Curry 1 and a lot with the Curry 3,” said Plank on the call.
Moreover, the brand updated its 2018 outlook with revenues expected to increase by 3-4%, operating loss decreasing to around $53 million instead of the expected $60 million, and capital expenditures dropping from an expected $200 million to around $175 million.
The third quarter was a mixed bag for Under Armour; apparel revenues grew 4% to $978 million (lead by growth in training, golf, and team sports), but footwear revenues stayed flat at $285 million and accessories revenues fell 6% to $116 million due to declines in the training and outdoor segments. The third quarter saw revenue jump 2% to $1.4 billion while wholesale revenue grew 4% to $914 million.
“Being a footwear company is a long road,” said Plank on the earning call. “We are playing the long game in footwear. We have learned a lot of lessons.”
Stay tuned for updates on Stephen Curry’s next signature shoe as well as Under Armour’s business.