Profits attributable to shareholders were down 25% to $75,758,000 in the first quarter from $99,965,000 last year, despite revenues that grew 1% to $2,029,464 from $2,003,622, hurt by a lower gross margin in its manufacturing business. Results were largely in line with expectations set last month. Footwear and components manufacturing revenue increased 8% to $1,239.5 million. Selling and distribution expenses were down 4%, but were partially offset by administration expenses, which were up 2%, resulting in total SG&A leveraging 60 basis points as a percent of sales.

Within the manufacturing segment, sales ... Log in to view full article.