Net income was $22,477,000 in the first quarter against a loss of $30,244,000 last year on 2% higher overall revenues at $1,204,722,000 up from $1,185,370,000 driven by a 25% gain in Asia-Pacific sales, but North America dipped 3%. Wholesale was up 5% to $818 million, mostly from international, but direct-to-consumer sales fell 6% to $331 million on softer demand as it resets DTC toward a more premium price point, with less discounting. DTC was 27% of global revenues in Q1. Gross margin expanded 110 basis points to 45.2% attributed to product cost improvements, regional mix and lapping last year’s restructuring ... Log in to view full article.