Net income improved 64% to $156,961,000 in the fourth quarter from $95,756,000, on 23% higher revenues of $1,129,720,000 up from $915,623,000, boosted by a 33% gain in direct-to-consumer sales to $625.2 million, or 55% of the total. Owned store sales increased 44%, while DTC e-commerce grew 20%, lapping big online gains last year. Wholesale was up a comparatively modest 13%, hurt more by supply constraints, but retail partners’ inventories are exceptionally clean as a result.
Gross margin expanded 170 basis points to 52.2%, helped by full-priced selling and channel mix that more than offset increased inbound freight costs. SG&A was 12% ... Log in to view full article.