Ecommerce earnings recap: What you missed from Under Armour

The latest ecommerce earnings results are out from retailers in Digital Commerce 360’s Top 2000 Database. Both Under Armour and Topgolf Callaway Brands reported revenue declines as the companies addressed expectations for tariffs.

Parentheses indicate the merchant’s ranking in the Top 2000, unless otherwise noted. The database ranks North America’s largest ecommerce retailers by their annual web sales.

This week’s ecommerce earnings takeaways

Under Armour, Inc. said net revenue fell 11.4% year over year as its restructuring plan continued.
Topgolf Callaway Brands net revenue dropped 4.5% year over year ahead of the sale of its Jack Wolfskin brand.

Topgolf Callaway Brands Corp. (No. 497)

Q1 2025: Topgolf Callaway Brands Corp. reported a net revenue decline of 4.5% year over year to $1.09 billion in its fiscal first quarter ended March 31. The company details its plans for the months to come as it prepares for the sale of its Jack Wolfskin brand to ANTA Sports. It expects to close the deal in the late second or early third quarter of its fiscal 2025.

In addition, Oliver Brewer, the president, CEO and director at Topgolf Callaway, updated investors on the state of the company’s preparedness to deal with tariffs.

“As of this call, and assuming current rates of approximately 10% for all countries of origin other than Mexico, Canada and China, this year’s unmitigated impact would be approximately $25 million, an increase of $20 million versus our last call,” Brewer stated. “Looking forward, if these are the final rates, we believe we will be able to mitigate some portion by further optimizing operations and accelerating cost reduction in margin programs.”

Under Armour, Inc. (No. 134)

Q4 2025: Under Armour, Inc. recorded a net revenue decrease of 11.4% year over year to $1.18 billion in its fiscal fourth quarter ended March 31. The drop accompanied a 9.4% decline year over year in revenue for the sportswear brand’s full fiscal year as it pursues an ongoing restructuring plan.

“As we enter year two of this transformation, we’ll move even further beyond the outlet model to build a more dynamic, connected and premium digital platform, applying proven lessons from our success in EMEA to accelerate progress,” said Kevin Plank, president and CEO at Under Armour, on the company’s earnings call with investors.

Under Armour confined its outlook to the first quarter of its 2026 fiscal year. It cited “uncertainty surrounding evolving trade policies and the macroeconomic environment, including potential demand-related and cost impacts from tariffs.”

The retailer expects revenue to continue to decline in that quarter by 4% to 5% from a year earlier.

“It is important to highlight, however, that changes in tariff policy are not expected to significantly impact our first quarter,” noted David Bergman, chief financial officer at Under Armour, on the earnings call.

Walmart, Inc. (No. 2)

Q1 2026: Walmart, Inc.’s total revenue increased 2.5% year over year to $165.6 billion in its fiscal first quarter ended April 30. Online sales became profitable for the retailer in the quarter. Q1 also marked the seventh time in 10 quarters that Walmart online sales grew more than 20% year over year.

Other recent ecommerce earnings results

1-800-Flowers.com, Inc. (No. 60)

Q3 2025: 1-800-Flowers.com, Inc. recorded a 12.6% decline year over year with net revenues of $331.5 million in its fiscal third quarter ended March 30. Ecommerce revenue alone was down 14.2% year over year to $291.8 million.

“While we are deeply disappointed by the quarterly results, we are steadfast in our commitment to turning this underperformance around,” said Jim McCann, executive chairman and outgoing chief executive officer of 1-800-Flowers.com.

As part of a leadership transition, McCann announced that former Progress Residential CEO Adolfo Villagomez would become the retailer’s new CEO. That change became effective as of May 12.

“As we embark on this exciting new chapter, I am thrilled to welcome Adolfo Villagomez as our new CEO, who will lead the charge in implementing and driving the Celebrations Wave strategy,” McCann said. “Adolfo’s leadership and vision will be instrumental in transforming our company and ensuring we continue to innovate and connect with our customers on a deeper level.”

Alibaba Group Holding Limited

Q3 2025: Alibaba Group Holding Limited recorded a year-over-year revenue increase of 7.6% to $38.4 billion in its fiscal third quarter. Revenue at Alibaba’s international B2B ecommerce segment, Alibaba International Digital Commerce Group (AIDC), was up 32% over the same period.

Amazon.com, Inc. (No. 1)

Q1 2025: Amazon, Inc. reported Q1 sales increased 9% year over year to reach $155.7 billion in its fiscal first quarter ended March 31. Of those sales, $92.9 billion came from North America.

Crocs, Inc. (No. 94)

Q1 2025: Crocs, Inc. said overall growth was nearly flat year over year for revenues of $937.3 million in its fiscal first quarter ended March 31. Nevertheless, revenue for the company’s Crocs Brand remained up 2.4% over the same period to $761.6 million. Direct-to-consumer revenue for the brand grew 9.8% year over year, with total international sales up 8.9%. However, the brand’s revenue in North America fell 3.8% year over year in Q1.

“While we are pleased by the performance of our overall business in April, the new global trade environment, as well as business and consumer uncertainty, has made it challenging to predict how consumers may respond in the future,” said Andrew Rees, chief executive officer at Crocs. “Amid this heightened operating backdrop, we are withdrawing our guidance for 2025. We are committed to remaining transparent to our investment community, our consumers, and our customers as we work to chart a winning course.”

Rees went into more detail about the impact of tariffs on Crocs during the company’s Q1 earnings call.

“One of the primary reasons we’ve suspended guidance for 2025 is our ability to predict the financial impact of future tariffs,” Rees stated while speaking to investors. “To provide you with a framework: if we assume 10% incremental tariff on all sourcing destinations into the U.S., this would translate to a cost of approximately $45 million on an annualized cash basis.”

Susan Healy, chief financial officer, said the company expects a greater adverse impact on its Heydude brand’s gross margin rate than it does on the Crocs brand. She cited higher exposure to sourcing from China for Heydude.

Hims & Hers Health, Inc. (No. 69)

Q1 2025: Hims & Hers Health, Inc. reported a 110.6% increase in revenue year over year to $586.0 million in its fiscal first quarter ended March 31. That growth was driven by 115.2% growth year over year in online revenue, which reached $576.4 million during the period. Hims & Hers leadership also credited subscriber gains.

“During the first quarter, our subscriber base grew to nearly 2.4 million, with over 1.4 million utilizing personalized solutions,” stated Yemi Okupe, chief financial officer at Hims & Hers.

The telehealth and wellness company noted where it is investing as it looks to build on these gains.

“This momentum, combined with our strong track record of execution, reinforces our confidence in driving sustained long-term growth across five core levers: deepening personalization, expanding into new specialties, elevating the subscriber experience with access to high quality follow up care, forging innovative partnerships, and entering new geographies,” said Okupe. “Investments across these priorities underpin our updated 2025 guidance as well as our new long-term targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA by 2030.”

The Home Depot, Inc. (No. 4)

Q4 2024: The Home Depot, Inc. said net sales grew 14.1% year over year in its fiscal Q4 ended Feb. 2, to reach $39.7 billion. That’s up 6.6% from $37.71 billion during the same period in 2023. However, sales declined from $43.2 billion in the previous quarter. Full-year 2024 results, which the Hardware & Home Improvement retailer also reported, were up 4.5% year over year to $159.5 billion.

Peloton, Inc. (No. 49)

Q3 2025: Peloton, Inc. reported a total revenue decline of 13.1% year over year to $624.0 million in its fiscal third quarter ended on March 31. Revenue from the brand’s connected fitness products fell 26.6% year over year, while subscription revenue was down by 4.4%.

On the company’s Q3 earnings call, Liz Coddington, chief financial officer, addressed tariff concerns for the equipment it sells.

“Peloton and Precor branded equipment are currently subject to a 25% tariff on their aluminum content,” said Coddington. “Precor and Apparel products sourced from China are subject to additional tariffs. We expect our full year FY ’25 free cash flow to be in the vicinity of $250 million, which incorporates our expectations for a roughly $5 million free cash flow headwind in Q4 from the impact of tariffs.”

Revolve Group, Inc. (No. 86)

Q1 2025: Revolve Group, Inc. recorded a 9.7% increase in revenue year over year to $296.7 million in its fiscal first quarter ended March 31. In addition, the online apparel retailer’s 12-month active customers total grew to 2,703,000 as of March 31, 2025. That represented an increase of 6% year-over-year.

Michael Mente, co-founder and co-CEO at Revolve Group, said the company achieved these improvements despite difficult external factors.

“It is the strength of our team, our solid financial foundation and our flexibility that we believe position us well to navigate through the current geopolitical and macro-uncertainty while continuing to invest in the exciting growth opportunities ahead,” Mentestated. “We have consistently outperformed through challenging periods in the past and are entering this current cycle on strong footing, giving us the confidence not just to manage through the near-term challenges, but also to gain further market share and drive long-term gains.”

Target Corporation (No. 5)

Q4 2024: Target Corporation reported a 3.1% decline in net sales year over year. That’s down to $30.9 billion in its fiscal fourth quarter ended Feb. 1. That retailer’s digital comparable sales grew 8.7% in its Q4 as comparable sales overall rose 1.5% from a year prior. For the full year, net sales decreased 0.1%.

“Results were led by strong performance in Beauty, Apparel, Entertainment, Sporting Goods and Toys,” said Brian Cornell, chair and chief executive officer at Target, in an earnings release. “As we look ahead, our continued investments in digital capabilities, stores and supply chain — combined with a focus on newness, value, speed and reliability — will further differentiate our one-of-a-kind physical and digital shopping experience.”

The Walt Disney Company (No. 89)

Q2 2025: The Walt Disney Company shared that revenues grew 6.8% year over year to $23.6 billion in its fiscal second quarter ended March 29. The company flagged uncertainty in its outlook for the remainder of the year due to macroeconomic developments. Among those were “tariffs and other trade policies, political or military developments,” according to its earnings release.

Still, Robert Iger, the chief executive officer at Disney, expressed optimism. He pointed to success in the company’s entertainment division as it prepares to do more with ESPN and other properties.

“Our outstanding performance this quarter — with adjusted EPS up 20% from the prior year driven by our Entertainment and Experiences businesses — underscores our continued success building for growth and executing across our strategic priorities,” said Iger. “Following an excellent first half of the fiscal year, we have a lot more to look forward to, including our upcoming theatrical slate, the launch of ESPN’s new DTC offering, and an unprecedented number of expansion projects underway in our Experiences segment.”

Warby Parker (No. 351)

Q1 2025: Warby Parker, Inc. said net revenue was up 11.9% year over year to $223.8 million in its fiscal first quarter ended on March 31. In addition, the eyewear brand’s number of active customers increased 8.7% to 2.57 million on a trailing 12-month basis.

WW International, Inc. (No. 863)

Q1 2025: WW International, Inc. (also known as WeightWatchers) announced that it had filed for bankruptcy in an effort to reduce more than $1 billion in debt. WeightWatchers reported a revenue decline to $186.6 million in its fiscal Q1 ended on March 29. That’s down 9.7% year over year.

“For more than 62 years, WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone,” said Tara Comonte, CEO at WeightWatchers. “The decisive actions we’re taking today, with the overwhelming support of our lenders and noteholders, will give us the flexibility to accelerate innovation, reinvest in our members, and lead with authority in a rapidly evolving weight management landscape.”

Yeti Holidings, Inc. (No. 126)

Q1 2025: Yeti Holdings, Inc. reported a 2.9% increase in net sales year over year to $351.1 million in its fiscal first quarter ended March 29. Direct-to-consumer sales for the cooler and drinkware brand increased to $196.2 million. That’s up 4.5%, driven by growth in Yeti’s Coolers & Equipment category.

In the meantime, Yeti has factored in supply chain adjustments to its planning as it confronts trade and tariff issues.

“Yeti’s strong free cash flow generation and balance sheet provides us the flexibility to navigate this highly fluid trade environment,” stated Matt Reintjes, president and chief executive officer at Yeti. “Our strategic supply chain diversification efforts are ahead of plan, and, as previously indicated, we are aggressively diversifying our sourcing out of China.”

Reintjes assessed that the results from those moves would be significant by the end of the year.

“As a result, we expect that by the end of 2025, we will have limited exposure to future goods sourced from China,” he said. “So that going forward, less than 5% of our total cost of goods will be related to products from China for the U.S. market.”

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

Home Depot: May 20
Target: May 21
Canada Goose: May 21
Lowe’s: May 21
TJX: May 21
Urban Outfitters: May 21
Advance Auto Parts: May 21
Ralph Lauren: May 21
Buckle: May 23

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Ecommerce earnings recap: What you missed from Under Armour and more