Net income more than doubled in the first quarter to CHF 91.4 million ($105.1 mm) from CHF 44.4 million, and revenues jumped 21% to CHF 508.2 million ($584.1 mm) from CHF 420.2 million on a reported basis, but the mighty Swiss franc distorted results both above and below the line. Constant currency sales increased 29%. Excluding a huge benefit from foreign exchange, operating income actually declined 9%, as SG&A increased 31% on higher marketing expenses, and deleveraged 390 basis points as a percent of sales. Gross margin was 140 b.p. higher ... Log in to view full article.