Is there any way to fix a shirt that was stretched when wet?

I had this Brooks Brothers shirt that, I bought with my own money (I'm 15 and have no job). I paid $40 for it and wore it twice, so I'm pretty pissed right now. There's now a big part of excess cloth on the sleeve. My mom said what probably had happened is that its sleeve was probably slung over the chair after being washed. I was just wondering if there was any way I can reverse it or tailor it to fix it?