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Under Armour: a disappointing 'transitional' quarter

( - On Friday Under Armour reported a net loss of 60 million dollars for the past quarter, which was a "transition" period that will not be attached to any fiscal year from an accounting perspective.

The US sporting goods maker - which decided to start its fiscal year on 1 April rather than 1 January - said the quarter was burdened by 57 million dollars in restructuring charges and impairment provisions.

The Baltimore, Maryland-based company - citing a difficult supply environment and the return of restrictions in China - said that its gross margin fell 3.5% relative to last year to 46.5%, mainly due to higher transport costs.

Over the period it quarterly revenues rose 3% to 1.3 billion dollars, driven by a 4% increase in wholesale business and a 4% gain in North American sales.

For FY 2022/2023, which began on 1 April, Under Armour says it expects a 150 to 200 bp decline in its gross margin due to inflationary pressures, an unfavourable mix in its distribution channels and negative currency effects.

Whatever the whys and wherefores, the market seemed to be no April fool, with the share under by more than 17% in pre-market trading today.

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