Under Armour (UA) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Under Armour, Inc. 1020 Hull Street Baltimore, MD 21230   CONTACTS   Investors:   Tom Shaw, CFA Under Armour, Inc. Tel: 410.843.7676   Media:   Diane Pelkey Under Armour, Inc. Tel: 410.246.5927

FOR IMMEDIATE RELEASE

UNDER ARMOUR REPORTS SECOND QUARTER NET REVENUES GROWTH OF 27%;

RAISES FULL YEAR OUTLOOK

• Second Quarter Net Revenues Increased 27% to $369 Million

• Second Quarter Diluted EPS Increased 6% to $0.06, Adjusted for the Company’s Two-for-One Stock Split

• Company Raises 2012 Net Revenues Outlook to a Range of $1.80 Billion to $1.82 Billion (+22% to +24%)

• Company Raises 2012 Operating Income Outlook to a Range of $205 Million to $207 Million (+26% to +27%)

Baltimore, MD (July 24, 2012) – Under Armour, Inc. (NYSE: UA) today announced financial results for the second quarter ended June 30, 2012. Net revenues increased 27% in the second quarter of 2012 to $369 million compared with net revenues of $291 million in the prior year’s period. Net income increased 7% in the second quarter of 2012 to $7 million compared with $6 million in the prior year’s period. Net income growth trailed net revenues growth, primarily due to a planned shift of marketing expenses into the second quarter. Diluted earnings per share for the second quarter of 2012 were $0.06 on weighted average common shares outstanding of 106 million compared with $0.06 per share on weighted average common shares outstanding of 105 million in the prior year’s period. Diluted earnings per share calculations for both periods reflect the Company’s two-for-one stock split distributed on July 9, 2012.

Second quarter apparel net revenues increased 23% to $253 million compared with $205 million in the same period of the prior year, driven by strength across Men’s, Women’s, and Youth apparel businesses. Direct-to-Consumer net revenues, which represented 29% of total net revenues for the second quarter, grew 35% year-over-year. Second quarter Footwear net revenues increased 44% to $67 million from $47 million in the prior year’s period, primarily driven by new 2012 running styles, including the debut of UA Spine. Second quarter accessories net revenues increased 21% to $39 million from $32 million in the prior year’s period.

Kevin Plank, Chairman, CEO, and President of Under Armour, Inc., stated, “Our heightened attention to innovation across all of our product lines continues to resonate with consumers. Our broad-based success during the quarter reflects our ability to build upon platform technologies such as Charged Cotton, while introducing new ideas such as ColdBlack. In Women’s, we are redefining how the female athlete looks at our Brand with the strong introductions of our Studio line and Armour Bra. We are also excited about gaining momentum in the footwear space with game-changing products such as our $130 Highlight football cleat and the just-launched UA Spine running shoe.”

Gross margin for the second quarter of 2012 was 45.9% compared with 46.3% in the prior year’s quarter, primarily reflecting less favorable North American apparel and accessories product margins, partially offset by less sales discounts and allowances. Selling, general and administrative expenses as a percentage of net revenues were 42.7% in the second quarter of 2012 compared with 42.4% in the prior year’s period, reflecting the planned shift in marketing expenses. Marketing expenses for the second quarter of 2012 were 12.6% of net revenues compared with 11.7% in the prior year’s quarter. Second quarter operating income grew 3% to $12 million compared with $11 million in the prior year’s period.

Balance Sheet Highlights

Cash and cash equivalents increased 19% to $143 million at June 30, 2012 compared with $120 million at June 30, 2011. The Company had no borrowings outstanding under its $300 million revolving credit facility at June 30, 2012. Inventory at June 30, 2012 increased 22% to $381 million compared with $311 million at June 30, 2011. Long-term debt increased to $74 million at June 30, 2012 from $37 million at June 30, 2011, primarily driven by the acquisition of the Company’s corporate headquarters in July 2011.

Updated 2012 Outlook

The Company had previously anticipated 2012 net revenues in the range of $1.78 billion to $1.80 billion, representing growth of 21% to 22% over 2011, and 2012 operating income in the range of $203 million to $205 million, representing growth of 25% to 26% over 2011. Based on current visibility, the Company now expects 2012 net revenues in the range of $1.80 billion to $1.82 billion, representing growth of 22% to 24% over 2011, and 2012 operating income in the range of $205 million to $207 million, representing growth of 26% to 27% over 2011. The Company now expects an effective tax rate at the lower end of previously provided full year guidance of 37.5% to 38.0%, compared to an effective tax rate of 38.2% for 2011. Adjusted for the two-for-one stock split, the Company anticipates fully diluted weighted average shares outstanding of approximately 106 million to 107 million for 2012.

Mr. Plank concluded, “As we head into the second half of the year, the opportunities for our Brand have never been greater. Sustaining our momentum in Footwear and Women’s will be a priority and we are elevating the messaging behind these opportunities to help drive further awareness with our consumers. This month, we took the next step to introduce the Brand to the global stage with our sponsorship of Tottenham Hotspur Football Club of the Barclays Premier League. Finally, as we announced last month, we are excited to welcome two new members to our Board, Brenda Piper and Admiral Eric Olson (Ret.), and look forward to their contributions.”

Conference Call and Webcast

The Company will provide additional commentary regarding its second quarter results as well as its updated 2012 outlook during its earnings conference call today, July 24^th, at 8:30 a.m. ET. The call will be webcast live athttp://investor.underarmour.com/events.cfm and will be archived and available for replay approximately three hours after the live event. Additional supporting

materials related to the call will also be available athttp://investor.underarmour.com. The Company’s financial results are also available online athttp://investor.underarmour.com/results.cfm.

About Under Armour, Inc.

Under Armour^® (NYSE: UA) is a leading developer, marketer, and distributor of branded performance apparel, footwear, and accessories. The brand’s moisture-wicking fabrications are engineered in many different designs and styles for wear in nearly every climate to provide a performance alternative to traditional products. The Company’s products are sold worldwide and worn by athletes at all levels, from youth to professional, on playing fields around the globe. The Under Armour global headquarters is in Baltimore, Maryland, with European headquarters in Amsterdam’s Olympic Stadium, and additional offices in Denver, Hong Kong, Toronto, and Guangzhou, China. For further information, please visit the Company’s website atwww.ua.com.

Forward Looking Statements

Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the development and introduction of new products, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “outlook,” “potential” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to: changes in general economic or market conditions that could affect consumer spending and the financial health of our retail customers; our ability to effectively manage our growth and a more complex, global business; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands; increased competition causing us to reduce the prices of our products or to increase significantly our marketing efforts in order to avoid losing market share; fluctuations in the costs of our products; loss of key suppliers or manufacturers or failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner; our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; our ability to effectively market and maintain a positive brand image; the availability, integration and effective operation of management information systems and other technology; and our ability to attract and retain the services of our senior management and key employees. The forward-looking statements contained in this press release reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

(Tables Follow)

Under Armour, Inc.

For the Quarter and Six Months Ended June 30, 2012 and 2011

(Unaudited; in thousands, except per share amounts)

CONSOLIDATED STATEMENTS OF INCOME

	Quarter Ended June 30,												Six Months Ended June 30,
	2012			% of Net Revenues			2011			% of Net Revenues			2012			% of Net Revenues			2011			% of Net Revenues
Net revenues	$	369,473			100.0	%	$	291,336			100.0	%	$	753,862			100.0	%	$	604,035			100.0	%
Cost of goods sold		200,006			54.1	%		156,557			53.7	%		409,191			54.3	%		324,205			53.7	%
Gross profit		169,467			45.9	%		134,779			46.3	%		344,671			45.7	%		279,830			46.3	%
Selling, general and administrative expenses		157,747			42.7	%		123,421			42.4	%		308,548			40.9	%		247,330			40.9	%
Income from operations		11,720			3.2	%		11,358			3.9	%		36,123			4.8	%		32,500			5.4	%
Interest expense, net		(1,320	)		(0.3	%)		(297	)		(0.1	%)		(2,675	)		(0.4	%)		(876	)		(0.2	%)
Other income (expense), net		510			0.1	%		(362	)		(0.1	%)		592			0.1	%		(872	)		(0.1	%)
Income before income taxes		10,910			3.0	%		10,699			3.7	%		34,040			4.5	%		30,752			5.1	%
Provision for income taxes		4,242			1.2	%		4,458			1.6	%		12,711			1.7	%		12,372			2.1	%
Net income	$	6,668			1.8	%	$	6,241			2.1	%	$	21,329			2.8	%	$	18,380			3.0	%
Net income available per common share
Basic	$	0.06					$	0.06					$	0.20					$	0.18
Diluted	$	0.06					$	0.06					$	0.20					$	0.18
Weighted average common shares outstanding
Basic		104,324						103,170						104,085						103,028
Diluted		105,972						105,034						105,838						104,904

NET REVENUES BY PRODUCT CATEGORY

	Quarter Ended June 30,							Six Months Ended June 30,
	2012		2011		% Change			2012		2011		% Change
Apparel	$	252,849	$	204,779		23.5	%	$	536,180	$	435,263		23.2	%
Footwear		67,425		46,885		43.8	%		131,088		98,321		33.3	%
Accessories		39,220		32,393		21.1	%		68,855		55,930		23.1	%
Total net sales		359,494		284,057		26.6	%		736,123		589,514		24.9	%
Licensing revenues		9,979		7,279		37.1	%		17,739		14,521		22.2	%
Total net revenues	$	369,473	$	291,336		26.8	%	$	753,862	$	604,035		24.8	%

NET REVENUES BY GEOGRAPHIC SEGMENT

	Quarter Ended June 30,							Six Months Ended June 30,
	2012		2011		% Change			2012		2011		% Change
North America	$	348,898	$	277,442		25.8	%	$	711,419	$	573,519		24.0	%
Other foreign countries		20,575		13,894		48.1	%		42,443		30,516		39.1	%
Total net revenues	$	369,473	$	291,336		26.8	%	$	753,862	$	604,035		24.8	%

Under Armour, Inc.

As of June 30, 2012, December 31, 2011 and June 30, 2011

(Unaudited; in thousands)

CONDENSED CONSOLIDATED BALANCE SHEETS

	As of 6/30/12		As of 12/31/11		As of 6/30/11
Assets
Cash and cash equivalents	$	142,928	$	175,384	$	119,684
Accounts receivable, net		175,249		134,043		139,590
Inventories		380,895		324,409		311,066
Prepaid expenses and other current assets		56,145		39,643		33,983
Deferred income taxes		22,078		16,184		17,004
Total current assets		777,295		689,663		621,327
Property and equipment, net		163,829		159,135		90,719
Intangible assets, net		5,222		5,535		3,449
Deferred income taxes		17,128		15,885		20,225
Other long term assets		41,215		48,992		30,469
Total assets	$	1,004,689	$	919,210	$	766,189
Liabilities and Stockholders’ Equity
Accounts payable	$	145,649	$	100,527	$	118,237
Accrued expenses		59,626		69,285		44,654
Current maturities of long term debt		42,387		6,882		5,567
Other current liabilities		3,876		6,913		4,095
Total current liabilities		251,538		183,607		172,553
Long term debt, net of current maturities		31,499		70,842		31,290
Other long term liabilities		32,519		28,329		23,880
Total liabilities		315,556		282,778		227,723
Total stockholders’ equity		689,133		636,432		538,466
Total liabilities and stockholders’ equity	$	1,004,689	$	919,210	$	766,189

Under Armour, Inc.

For the Six Months Ended June 30, 2012 and 2011

(Unaudited; in thousands)

	Six Months Ended 6/30/12			Six Months Ended 6/30/11
Cash flows from operating activities
Net income	$	21,329		$	18,380
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization		20,714			16,730
Unrealized foreign currency exchange rate (gains) losses		908			(2,984	)
Stock-based compensation		10,350			7,134
Loss on disposal of property and equipment		400			19
Deferred income taxes		(6,980	)		79
Changes in reserves and allowances		1,358			(3,700	)
Changes in operating assets and liabilities:
Accounts receivable		(42,639	)		(30,938	)
Inventories		(57,572	)		(95,802	)
Prepaid expenses and other assets		(1,541	)		(7,698	)
Accounts payable		44,543			32,788
Accrued expenses and other liabilities		(5,658	)		(9,385	)
Income taxes payable and receivable		(12,047	)		(8,296	)
Net cash used in operating activities		(26,835	)		(83,673	)
Cash flows from investing activities
Purchase of property and equipment		(23,560	)		(30,183	)
Purchase of other long term assets		—			(1,153	)
Purchase of long term investment		—			(3,940	)
Change in restricted cash		(396	)		—
Net cash used in investing activities		(23,956	)		(35,276	)
Cash flows from financing activities
Proceeds from term loan		—			25,000
Payments on long term debt		(3,838	)		(4,086	)
Excess tax benefits from stock-based compensation arrangements		12,693			6,260
Payments of deferred financing costs		—			(1,562	)
Proceeds from exercise of stock options and other stock issuances		9,852			9,056
Net cash provided by financing activities		18,707			34,668
Effect of exchange rate changes on cash and cash equivalents		(372	)		95
Net decrease in cash and cash equivalents		(32,456	)		(84,186	)
Cash and cash equivalents
Beginning of period		175,384			203,870
End of period	$	142,928		$	119,684