Net income expanded by 9% to €361,511,000 ($404.8 mm) in 2019 from €332,395,000 the year before on 15% higher revenues of €1,627,704,000 ($1,822.7 mm) from €1,420,074,000, driven by a 16% increase in retail sales that included a +7% same store sales gain. Gross margin inched up 30 basis points to 77.7%, and operating expenses were up 20 b.p. as a percent of sales, but the biggest hit to profitability was an effective tax rate of 23.8%, up from 19.3% the year before. Adjusted EBITDA was up 15%, in line with the sales increase. MONC noted that the coronavirus epidemic is ... Log in to view full article.