The footwear maker returned to profitability in the first half of 2021, reporting net income attributable to shareholders of $31,132,000 against a loss of $5,247,000, on 36% higher revenues of $695,465,000 up from $511,474,000. Gross margin improved by 340 basis points to 20.0% on a higher mix of high-ASP products, including boots. SG&A was up just 11%, leveraging 320 b.p. on the higher sales helped by better operating leverage and increased production efficiency, but hit by $4.8 million in severance payments related to factory closures. Stella sees volume continuing to improve in H2, though comparisons to last year will be ... Log in to view full article.