Under Armour’s Q4 2024 results reflect a transitional quarter within a broader strategic reset as the company pivots toward a premium, launch-driven brand model. Revenue for the quarter was $1.332B, up 1.15% year over year but down 10.36% quarter over quarter, with gross margin at 45.0% and GAAP operating loss of $6.5M. The year ended 2024 with revenue of $5.7B, a 3% decline year over year, while gross margin expanded 130 bps to 46.1% on supply-chain benefits and favorable channel mix, though SG&A rose 1% to $2.4B. Management signaled a multi-year brand-reconstitution plan anchored in product quality, storytelling, and an optimized operating model, aimed at restoring growth and improving profitability over the medium term. In the near term, the company warned of a significant revenue reset in fiscal 2025, including a low-double-digit revenue decline driven by a 15-17% anticipated drop in North America, selective reductions in wholesale orders, and deliberate moderation of discounting in Direct-to-Consumer (DTC). Management projects gross margin improvement of 75-100 bps as promotional activity declines and cost initiatives take hold, with SG&A expected to decline 2-4% as the company restructures. A $70-90M pretax restructuring burden is planned, and a new three-year $500M share-buyback program was approved. The leadership team is undergoing a broad refresh (including a CMO search) to accelerate a faster go-to-market cadence (6-12 months) and a SKU reduction of roughly 25% over the next 18 months, with a sharper focus on men’s apparel and core performance categories. While the near-term revenue trajectory is negative, the strategy centers on returning UA to a premium, growth-facing position and differentiated storytelling around product performance, which should translate into improved brand affinity and margin expansion over time.