Net income fell 16% to €300,351,000 ($263.7 mm) for the full year from €358,685,000 in 2019 on revenues that were down 12% to €1,440,409,000 ($1,229.6 mm) from €1,627,704,000. An 8% revenue bump in Q4 led by Asia and Americas and a tax benefit in H2 helped hold both ends of P&L to a teens-decline amidst the pandemic’s impact on luxury goods. Store comps finished the year down 18%, with a negative 9% in H2 softening H1 store closures. Gross margin declined 210 b.p. to 75.6% from 77.7%. Margins hit 78.1% in H2 but could not overcome the significant inventory write-downs ... Log in to view full article.