Investing.com -- Under Armour shares fell more than 3% in premarket trading on Friday after the sportswear maker cut its full-year revenue forecast, overshadowing a first-quarter earnings beat helped largely by one-time tariff refunds.

The Baltimore-based sportswear maker reported adjusted earnings per share of $0.05 for the first quarter of fiscal 2027, beating the analyst estimate of $0.02. Revenue was $1.1 billion, compared with the consensus estimate of $1.11 billion.

For the quarter ended June 30, revenue fell 3%, or 4% in constant currency.

Gross margin increased 590 basis points to 54.1%, primarily due to refunds associated with the recovery of International Emergency Economic Powers Act tariff costs expensed in fiscal 2026.

The gain was partly offset by unfavorable foreign exchange impacts, regional and channel mix, and pricing headwinds.

Under Armour updated its fiscal 2027 outlook, saying it now expects revenue to decline at a mid-single-digit percentage rate, compared with its prior forecast for a slight decline, reflecting softer demand, particularly in North America and Asia-Pacific.

The company now expects a mid-single-digit percentage decline in North America, versus its prior forecast for a low-single-digit decline, and low-single-digit declines in Asia-Pacific and EMEA, compared with previous expectations for low-single-digit growth in both regions.

Under Armour expects fiscal 2027 adjusted earnings per share of $0.08 to $0.12, bracketing the consensus estimate of $0.11.

It now expects a diluted loss per share of $0.01 to $0.05, compared with its previous forecast of breakeven to a loss of $0.04 per share.

Operating income for the quarter was $47 million, while adjusted operating income, excluding transformation and restructuring charges, was $52 million.

Net income was $1 million, and adjusted net income was $21 million, excluding those charges.

Restructuring charges totaled $4 million in the quarter. Under Armour has incurred $266 million in restructuring and transformation costs under its Fiscal 2025 Restructuring Plan, including $116 million in cash charges and $150 million in non-cash charges.

Total program costs are expected to be about $305 million, with the plan substantially complete by Dec. 31, 2026.

Cash and cash equivalents totaled $396 million at quarter-end. The company had $200 million of borrowings outstanding under its $1.1 billion revolving credit facility.