Net income dropped 48% to CHF 30.5 million ($35.2 mm) from CHF 58.7 million despite record revenues of CHF 635.8 million ($733.3 mm) over CHF 480.5 million, bolstered by rising brand heat after the Paris Olympics and continued momentum in APAC. The bottom line was hit by currency headwinds and increasing operating expenses, with SG&A growing 36% in Swiss Francs, deleveraging 140 b.p. to 49.2% of sales. Gross margin expanded 70 b.p. to a record 60.6% from 59.9%, benefiting from the rising share of DTC. Inventories closed at 348.9 million, down ... Log in to view full article.