Net income slipped 10% in the final fiscal quarter ended Mar. 31 to $135,571,000 from $151,411,000, hit by a rising marketing spend, as revenues climbed 10% (+8% constant currency) to $1,119,369,000 from $1,021,780,000. Wholesale grew 7% to $654.9 million, and direct-to-consumer sales increased 13% to $464.4 million, including a +8.2% comp. The home U.S. market inched up by less than 1% to $649.8 million, leaving the bulk of sales gains to international, which grew 26% to $469.5 million.

Gross margin was up 90 basis points to 57.6%, as strong full-price sell-through and ... Log in to view full article.