Under Armour, Inc. (NYSE: UA, UAA) has reported a net loss for the quarter that ended March 2022, compared to a profit in the prior-year quarter. Meanwhile, the sports apparel maker’s revenues increased by 3%.
The company reported a net loss of $0.01 per share for the most recent quarter, on an adjusted basis, compared to earnings of $0.06 per share in the same period of 2021. On an unadjusted basis, it was a net loss of $59.6 million or $0.13 per share during the three-month period, compared to a profit of $77.8 million or $0.17 per share last year.
Revenues increased 3% year-over-year to $1.3 billion in the March quarter. An 8% increase in the core apparel segment more than offset weakness in the footwear and accessories businesses.
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“As global supply challenges and emergent COVID-19 impacts in China eventually normalize, we are confident that the strength of the Under Armour brand coupled with our powerful growth strategy positions us well to deliver sustainable, profitable returns to shareholders over the long-term,” said Under Armour’s CEO Patrik Frisk.