The Australian skate and extreme sports company reported a sevenfold increase in net income to A$11,469,000 ($7.5 mm) from A$1,559,000 in the fiscal year ended June 30, as revenues fell by 5% to A$222,317,000 ($146.3 mm) from A$234,341,000. Gross margin expanded by 310 basis points to 48.7%, which combined with expense reductions below the line to push profits higher. North American sales of Globe’s brands—Globe, FXD, Impala Skate, Salty Crew and others—declined ... Log in to view full article.
