NEW YORK — Robust apparel sales led Reebok International Ltd. to generate double-digit profit gains in the first quarter.
For the three months ended March 31, the Canton, Mass.-based athletic footwear and apparel titan posted a 10.2 percent climb in net income to $40.8 million, or 63 cents a diluted share, matching Wall Street’s consensus estimate. By comparison, the company earned $37.1 million, or 51 cents, in last year’s comparable quarter. Excluding a 7 cent charge for a change in accounting principle, prior-year EPS would have been 58 cents.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"