BALTIMORE (AP) — Under Armour Inc. on Friday reported a loss of $59.6 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 1 cent per share.

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The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 4 cents per share.

The sports apparel company posted revenue of $1.3 billion in the transition period, also missing Street forecasts. Ten analysts surveyed by Zacks expected $1.33 billion.

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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.

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