Net income attributable to shareholders plunged 86% to NZ$8,145,000 ($5.2 mm) for the fiscal year ended July 31, from NZ$57,633,000 last year, though incremental Rip Curl sales sent revenues up 49% to NZ$801,524,000 ($510.5 mm) from NZ$538,855,000. Gross margin contracted 340 basis points overall, due to currency headwinds and lower margins from Rip Curl. Selling expenses increased just 5% and leveraged 870 b.p. on the higher top line, but administration and general expenses soared 140% due to the addition of Rip Curl. A NZ$75.8 million non-cash charge for depreciation of a lease right-of-use asset weighed on the bottom line, but ... Log in to view full article.