The Big a’s profit from continuing operations dwindled to €254 million ($267 mm) last year from €1,492 million in 2021, according to a pre-announcement of unaudited results, on a 6% increase in sales to €22,511 million ($23,671 mm) from €21,234 million. Much of the increase was due to the strengthening U.S. dollar, and constant-currency revenues inched up 1%. Gross margin for the year contracted 340 basis points to 47.3%, and operating margin was down to just 3.0% from 9.4% in 2021.

Incoming CEO Bjørn Gulden, who came over from Puma on Jan. ... Log in to view full article.