Net income shot 615% higher to NZ$63,429,000 ($45.4 mm) from NZ$8,868,000 on revenue that was up 15% to NZ$922,792,000 ($659.8 mm) from NZ$801,524,000 for the fiscal year ended July 31. Company gross margin improved 40 b.p. to 58.7%, while SG&A rose 5% in dollars, leveraging 370 b.p. as a percentage of sales to 39.3%. Along with those favorable swings, the bottom line also lapped a NZ$75.8 million non-cash depreciation charge that was partially offset by NZ$25.8 million in pandemic-related government subsidies.

Kathmandu was hit hardest by the pandemic, with sales down 17% to NZ$354 million from NZ$436.4 million, impacted by Australian ... Log in to view full article.