Net income from continuing operations was up 49% to BRL 177.6 million ($33.7 mm) from BRL 119.1 million in the first quarter, driven by 13% revenue growth to BRL 1,229.5 million ($233.6 mm) from BRL 1,092.5 million, mostly from BRL 1,216.6 million in Havaianas sales. The bottom line got a lift from 130 b.p. of gross margin expansion to 52.6% on higher domestic ASPs as well as a 4% cut to SG&A, leveraging 540 b.p. to 31.1% of sales. The new U.S. distributor model, which eliminated the need for warehouse and ... Log in to view full article.