Net income fell 77% to $6,664,000 from $29,448,000 in the final quarter as G&A spending surged to support international and DTC expansion, on sales that grew 6% to $764,290,000 from $722,683,000. Gross margins were solid, gaining 100 basis points to 46.6% on a better channel mix with a higher proportion of retail and international subsidiary sales against lower wholesale. Margins were negatively impacted by $18.4 million in foreign currency exchange losses. General and administrative expenses ate up the gross profit gains and then some, increasing $52.3 million or 520 basis points to 35.8% of sales which was largely spent on ... Log in to view full article.