Under Armour fell short of analyst expectations on nearly every segment in the fourth quarter, and while founder and chief executive officer Kevin Plank sought to put a positive spin on the numbers, citing quarterly results that “met or exceeded our expectations as we drive a bold transformation,” the results proved the sports brand still has a way to go to return to its former glory.

Wall Street wasn’t swayed by Plank’s statement, and shares fell more than 13 percent in pre-market trading.

On Friday morning before the stock market opened, the Baltimore-based company reported adjusted earnings per share of 2 cents, slightly below the analyst estimate of 3 cents, with a revenue drop of 4 percent to $1.1 billion. The net loss was $3 million and adjusted net income was $9 million.

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