Net income improved in the final fiscal quarter ended Mar. 31 to ¥2,989 million ($20.2 mm) from ¥2,088 million, but the top line slipped 5% to ¥61,665 million ($148.3 mm) from ¥64,642 million, capping a year of broad-based gains for the brand. Gross margin continued to expand, hitting 38.5% in FQ4, up 420 basis points. SG&A was 4% higher, deleveraging 280 b.p. as a share of sales. Americas sales slipped 17% to ¥6.8 billion ($45.9 mm), and EMEA was also lower, falling 30% to ¥5.5 billion. The home Japan market grew ... Log in to view full article.