Cash and Cash Equivalents were $712 million at the end of the quarter, and no borrowings were outstanding under the company’s $1.1 billion revolving credit facility.Inventory was up 44 percent to $1.2 billion.Adjusted diluted earnings per share was $0.18.
Excluding an $87 million benefit primarily from a tax valuation allowance release related to prior-period restructuring, adjusted net income was $84 million.
Selling, general & administrative expenses decreased 4 percent to $572 million. Gross margin declined 310 basis points to 43.4 percent compared to the prior year, driven primarily by higher promotions, mix impacts related to higher footwear revenue, and adverse effects from changes in foreign currency. Accessories revenue declined 1 percent to $96 million. 
Footwear revenue increased 27 percent to $378 million.
Apparel revenue increased 1 percent to $889 million. Within the international business, revenue increased 14 percent in EMEA (up 20 percent currency neutral), increased 24 percent in Asia-Pacific (up 31 percent currency neutral), and decreased 8 percent in Latin America (down 13 percent currency neutral). North America revenue increased 3 percent to $862 million, and international revenue increased 16 percent to $526 million (up 21 percent currency neutral). Wholesale revenue increased 10 percent to $909 million, and direct-to-consumer revenue increased 3 percent to $454 million due to a 6 percent increase in eCommerce revenue, which represented 46 percent of the total direct-to-consumer business in the quarter, and a 1 percent increase in owned and operated store revenue. Revenue was up 8 percent to $1.4 billion (up 10 percent currency neutral). My job is to make that vision a reality.” We must deliver better for athletes and our customers and meaningfully increase returns for shareholders in the years ahead. 
Linnartz continued, “We will leverage our strong portfolio of franchises, including Heat Gear, Cold Gear, and compression apparel, to drive innovation across new products and markets. I am prioritizing significantly amplifying global brand heat delivering elevated design and products, with a focus on Sportstyle, footwear, and women and positioning us to drive better sales growth in the United States.” “Fiscal 2024 will be a year of building for the brand. “I’m honored to lead this iconic brand, and I’m pleased that Under Armour delivered fiscal 2023 revenue and earnings results that were in line with our previous outlook,” said Under Armour President and CEO Stephanie Linnartz.
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