Under Armour 2014 Annual Report Download - page 41

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R
esults o
fOp
erat
i
ons
The following table sets forth key components of our results of operations for the periods indicated, both i
n
dollars and as a percentage of net revenues:
Y
ear Ended December 31
,
(In t
h
ousan
d
s
)
2014
2013
2012
N
et revenues
$
3,084,370
$
2,332,051
$
1,834,921
Cost of goods sold 1,
5
72,164 1,19
5
,381 9
55
,624
G
ross profit 1,512,206 1,136,670 879,297
S
ellin
g
,
g
eneral and administrative expenses 1,158,251 871,572 670,60
2
Income from operations 353,955 265,098 208,695
I
nterest expense, net (5,335) (2,933) (5,183)
Other expense, net (
6
,410) (1,172) (73)
Income before income taxes 342,210 2
6
0,993 203,439
Provision for income taxes 134,1
6
8 98,
66
3 74,
661
Net income
$
208
,
042
$
162
,
330
$
128
,
77
8
Y
ear Ended December 31
,
(As a percentage o
f
net revenues
)
201
4
201
3
201
2
N
et revenues
100
.
0% 100
.
0% 100
.
0%
Cost of goods sold
5
1.0
5
1.3
5
2.
1
G
ross pro
fi
t 49.0 48.7 47.9
S
ellin
g
,
g
eneral and administrative expenses 37.5 37.3 36.
5
Income from o
p
erations 11.
5
11.4 11.
4
I
nterest ex
p
ense, net
(0
.
2) (0
.
1) (0
.
3)
Other ex
p
ense, net (0.2) (0.1) —
Income
b
e
f
ore
i
ncome taxes 11.1 11.2 11.1
Prov
i
s
i
on
f
or
i
ncome taxes 4.4 4.2 4.
1
Net income
6
.7% 7.
0
%7.
0
%
Consolidated Results of Operations
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
Net revenue
s
i
ncreased $752.3 million, or 32.3%, to $3,084.4 million in 2014 from $2,332.1 million i
n
2013. Net revenues
by
pro
d
uct cate
g
or
y
are summar
i
ze
db
e
l
ow:
Year Ended December
31,
(In thousands
)
2014
2013
$ Chang
e
% Chang
e
App
arel $2,291,520 $1,762,150 $529,370 30.0%
F
ootwear 430,987 298,825 132,162 44.2
A
ccessories 275,425 216,098 59,327 27.5
T
otal net sales 2,997,932 2,277,073 720,8
5
9 31.7
L
icense and other revenues 86,438
5
4,978 31,460
5
7.2
T
otal net revenues $3
,
084
,
370 $2
,
332
,
051 $752
,
319 32.3
%
31