Net income inched up to $79,482,000 from $79,409,000 in the first quarter as revenue grew 8% to $1,588,024,000 from $1,471,504,000 driven by strong U.S. activewear growth, broad-based international growth, increased sales of U.S. innerwear basics, and strong Champion sales. Gross margin contracted 20 b.p. to 39.1%. SG&A increased 8.4% to $472.8 million, expanding 40 b.p. to 29.8% of sales due to additional spending for expediting costs to keep up with demand and service levels from the rapid growth of the Champion brand.
Global Champion sales, excluding its C9 brand to Target, increased more than 80% outside the mass channel, or 75% ... Log in to view full article.