The bottom line swung to a ¥6,023 million ($56.0 mm) loss in the second quarter from a profit of ¥1,139 million last year, on 30% lower revenues of ¥61,556 million ($572.4 mm) down from ¥88,496 million as the coronavirus pandemic impacted all regions. E-commerce was a bright spot, increasing 103% overall to $23.3 billion, including a 151% jump in North America and a 139% gain in Europe. Gross margin improved by 90 basis points to 49.3%, and SG&A was reduced by 18%, mostly from cuts in marketing spend, but still deleveraged 840 b.p. on the lower sales.

Performance running was the ... Log in to view full article.