Profits slipped 6% in the fiscal second quarter ended Sep. 30 to ¥4,680 million ($29.4 mm) from ¥4,996 million last year, as revenues increased 7% to ¥67,584 million ($424.5 mm) from ¥62,980 million on double-digit growth in the U.S. and Europe. Gross margin expanded by 180 basis points to 43.0%, helped by a product mix shift towards higher-margin custom golf clubs and sportstyle sneakers, along with lower product costs and better-optimized pricing. Operating expenses grew 13% in yen due to personnel costs and promotional investments, and rose 160 b.p. to 32.1% ... Log in to view full article.