Net income at the Chinese footwear maker soared to $90,838,000 last year from $1,064,000 prior, on 36% higher revenues of $1,540,608,000 up from $1,135,880,000, in line with the company’s pre-announcement in Jan. Pairs shipped increased 29% to 55.8 million, and ASP was up 5% to $27.10 per pair. Gross margin expanded by 280 basis points to 20.6%, helped by more luxury segment sales. SG&A leveraged 510 b.p. on the higher sales, as selling and distribution expenses increased 15%, but administrative expenses were reduced by 5% from 2020’s additional spending on Covid safety measures. Product development costs were higher due to ... Log in to view full article.