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Under Armour logs USD59.6 million loss in Q1

BALTIMORE (AP) – Under Armour Inc on Friday reported a loss of USD59.6 million in the first three months of the year.

On a per-share basis, the Baltimore company had a loss of 13 cents for the quarter ended March 31. Losses, adjusted for restructuring costs, came to one cent per share.

The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of four cents per share.

The sports apparel company posted revenue of USD1.3 billion in the transition period, also missing Street forecasts. Ten analysts surveyed by Zacks expected USD1.33 billion.

As announced in February 2021, Under Armour changed its fiscal year from December 31 to March 31. Following a three-month transition period (January 1 – March 31, 2022), Under Armour’s fiscal year 2023 will run from April 1, 2022, through March 31, 2023. As a result, there will be no fiscal year 2022.

Under Armour expects full-year 2023 earnings in the range of 63 cents to 68 cents per share.