The Big a’s currency-neutral revenues jumped 11% for the second quarter, and were up 9% on a reported basis to €5,822 million ($6,260 mm) from €5,343 million. Operating income was better than expected at €346 million ($372 mm), nearly twice last year’s €176 million. Gross margin was off 10 basis points from a year ago at 50.8%, but that includes a smaller proportion of high-margin Yeezy sales. Underlying gross margin was much improved, helped by better sell-throughs, less discounting and lower sourcing costs, along with a more profitable category mix.

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