Revenue increased 178.6% to US$397.9 million compared to US$142.8 million in the same period of 2020. Gross margin increased to 42.7% compared to 39.1% year-on-year and operating expenses as a percentage of revenue were 30.6% compared to 54.9%.
Income from operations totalled US$47.7 million, or 12% of revenue while adjusted income from operations was US$51 million, or 12.8% of revenue. Net income attributable to the company was US$36.9 million and adjusted net income attributable to the company was US$39.7 million.
Revenue for the wholesale business was US$262.1 million, a 162.2% increase compared to the second quarter of 2020, with a 154.1% increase in wholesale footwear and a 190.7% increase in wholesale accessories/apparel. Gross margin in the wholesale business rose to 30.6% compared to 26.6% in the second quarter of 2020.
Retail revenue was US$132.7 million, a 220.6% increase compared to the second quarter of 2020. Retail gross margin decreased to 65.4% compared to 67.4% in the second quarter of 2020.
Outlook
For fiscal 2021, the company expects revenue will increase 43% to 47% over fiscal 2020.
