Net income fell 64% to €7 million ($9.7 mm) from €19 million for the final period ended Dec. 31 despite a 19% increase in revenues to €2,931,000 ($4,074.1 mm) compared to €2,458 million last year. Sales were up 9% currency neutral, with gains in excess of 20% in all its brands except TaylorMade-adidas Golf which was flat. Even though gross margin improved 30 b.p. to 46.5%, higher investments in marketing pulled down the final net in a quarter that is normally not important to the annual result.

For the FY, net income rose 131% to €568 million ($789.5 mm) from €245 ... Log in to view full article.