Net income was ¥1,865 million ($17.0 mm) in Q2 against a loss of ¥6,023 million in last year’s pandemic-stricken quarter, as revenues hit ¥102,929 million ($940.9 mm), up 67% from ¥61,556 million and also well ahead of 2019’s ¥88,496 million. E-commerce sales increased 36%. The results included a ¥5.2 billion loss on temporarily closed stores that could not reopen due to Covid. Gross margin improved 140 basis points to 50.8%, while SG&A was up 28% in yen to support the recovering sales, but still leveraged 1250 b.p. on the higher top line.

All geographies improved high-double digits from last year except ... Log in to view full article.