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UAA's EMEA & Latin America Momentum Signals Strong Global Upswing

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Key Takeaways

  • Under Armour delivered double-digit revenue growth in EMEA and Latin America in 2Q26.
  • EMEA gains were driven by full-price wholesale strength, DTC growth and disciplined brand activations.
  • FY26 guidance calls for high-single-digit EMEA growth, helping offset pressure in other regions.

Under Armour, Inc. (UAA - Free Report) is seeing encouraging momentum outside North America, with EMEA and Latin America emerging as clear bright spots. While the company continues its broader global turnaround, performance in these regions highlights the effectiveness of its focused strategy, premium positioning and disciplined marketplace execution.

In EMEA, UAA delivered year-over-year revenue growth of 12% (7% on a currency-neutral basis) in the second quarter of fiscal 2026, driven by full-price wholesale strength and solid direct-to-consumer gains. Strategic brand activations, such as culturally relevant football campaigns and premium collaborations, have enhanced brand heat while maintaining pricing discipline. This balanced approach has allowed EMEA to achieve growth, reinforcing confidence in sustained regional momentum.

Latin America also posted standout results, with revenues increasing 15% (14% on a currency-neutral basis). Growth was broad-based across wholesale and DTC channels, supported by improving brand awareness and tighter marketplace management. The region’s performance reflects Under Armour’s ability to scale its brand with consistency while leveraging local demand dynamics effectively.

Management guidance reinforces this positive trajectory. For fiscal 2026, Under Armour expects EMEA revenues to grow at a high-single-digit rate, even as North America and APAC remain in reset mode. This outlook positions EMEA as a critical offset to near-term pressure elsewhere and a foundation for future global growth.

Overall, momentum in EMEA and Latin America underscores Under Armour’s progress in its international strategy. With clear guidance, disciplined execution and rising brand relevance, these regions are set to play a pivotal role in stabilizing results and supporting a return to sustainable, profitable growth.

UAA’s Price Performance, Valuation & Estimates

Shares of the company have gained 11.8% in the past three months compared with the industry’s 0.3% growth.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

From a valuation standpoint, Under Armour is trading at a forward 12-month price-to-sales ratio of 0.47X, down from the industry average of 2.28X.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

The Zacks Consensus Estimate for Under Armour’s fiscal 2026 earnings implies a year-over-year decline of 87.1%, whereas the same for fiscal 2027 indicates an uptick of 383.3%. Estimates for fiscal 2026 have been southbound by 1 cent and the same for 2027 has been unchanged, respectively, in the past 30 days.

 

Zacks Investment Research
Image Source: Zacks Investment Research

 

Under Armour currently has a Zacks Rank #3 (Hold).

Stocks to Consider

Some better-ranked stocks are FIGS Inc. (FIGS - Free Report) , American Eagle Outfitters Inc. (AEO - Free Report) and Boot Barn Holdings, Inc. (BOOT - Free Report) . 

FIGS is a direct-to-consumer healthcare apparel and lifestyle brand. It flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for FIGS’ current financial-year earnings and sales suggests growth of 450% and 7%, respectively, from the year-ago actuals. FIGS delivered a trailing four-quarter average earnings surprise of 87.5%.

American Eagle is a specialty retailer of casual apparel, accessories and footwear. It sports a Zacks Rank of 1 at present.

The Zacks Consensus Estimate for American Eagle's current fiscal-year earnings and sales suggests a decline of 23.6% and growth of 2.4%, respectively, from the year-ago actuals. AEO delivered a trailing four-quarter average earnings surprise of 35.1%.

Boot Barn operates as a lifestyle retail chain devoted to western and work-related footwear, apparel and accessories. It currently has a Zacks Rank of 2 (Buy).

The Zacks Consensus Estimate for Boot Barn’s fiscal 2026 earnings and sales implies growth of 20.5% and 16.2%, respectively, from the year-ago actuals. Boot Barn delivered a trailing four-quarter average earnings surprise of 5.4%.

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