Net income increased 42% to HK$110,167,000 ($14.2 mm) for the fiscal year ended March 31, up from HK$70,584,000 the year before, on revenue that was 33% higher at HK$895,632,000 ($115.3 mm) over HK$674,212,000. The results were the first reported since Hypebeast entered into its merger agreement with SPAC Iron Spark I Inc. in April, which accounted for HK$30.2 million in one-time legal and professional fees. Total gross margin improved 1,170 b.p. to 61.3%, while SG&A deleveraged 520 b.p. to 40.5% of sales on a growing employee headcount coming out of the pandemic and higher marketing and ad spend.
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