Net income was down 38% to CHF 56.7 million ($63.5 mm) from CHF 91.4 million for the first quarter as sales hit a quarterly record CHF 726.6 million ($813.8 mm), up 43% (+40% CC) over CHF 508.2 million. The bottom line lapped last year’s 100%-plus increase on a CHF 76.8 million FX benefit, which turned to a CHF 14.5 million headwind this year. Gross margin expanded 20 basis points to 59.9% on the growing direct-to-consumer share. SG&A was up 35%, leveraging 280 b.p. on the soaring top line to 49.3% of ... Log in to view full article.