Under Armour shares fell on Friday regardless of the retailer reporting fiscal fourth-quarter earnings and gross sales forward of analysts’ estimates, as a cloudy outlook hampered by lingering provide chain constraints overshadowed these outcomes.

The inventory was just lately down lower than 2% in premarket buying and selling.

“As we navigate ongoing uncertainty within the market, we stay targeted on delivering industry-leading improvements,” stated CEO Patrik Frisk, in a press launch.

Here is how the corporate did within the three-month interval ended Dec. 31 in contrast with what analysts had been anticipating, based mostly on Refinitiv estimates:

• Earnings per share: 14 cents adjusted vs. 7 cents anticipated
• Income: $1.53 billion vs. $1.47 billion anticipated

Underneath Armour reported internet earnings of $109.7 million, or 23 cents a share, in contrast with $184.5 million, or 40 cents a share, a yr earlier. Excluding one-time gadgets, it earned 14 cents a share, beating analysts’ estimates for 7 cents.

Income grew to $1.53 billion from $1.4 billion a yr earlier. That topped analysts’ expectations for $1.47 billion.

Web income in North America rose 15%, whereas worldwide gross sales had been up 3%.

Inside complete income, attire was up 18%, footwear grew 17%, nonetheless equipment tumbled 27%.

Final yr, Underneath Armour introduced it was altering its fiscal yr finish date from Dec. 31 to March 31. Following a three-month transition interval from Jan. 1, 2022 to March 31, Underneath Armour’s subsequent fiscal yr will run from April 1 to March 31, 2023.

The retailer on Friday gave an outlook for the transition quarter. Gross sales are anticipated to be up a mid-single-digit charge, in contrast with a previous outlook of a low-single-digit enhance. It stated, nonetheless, this forecast consists of about 10 share factors of headwinds tied to reductions in its spring and summer time order e-book from ongoing provide chain constraints.

Underneath Armour additionally narrowed the highest finish of a variety for its ongoing restructuring plan. It now expects to acknowledge $525 million to $550 million in fees associated to this plan, in contrast with a previous vary of $525 million to $575 million. Underneath Armour stated it has booked $514 million of pretax fees up to now.

Read the full earnings press release from Under Armour here.

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