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October 26, 2018

US Q2 in brief – Boot Barn Holdings, VF Corp, Sears

In the latest second-quarter filings from US apparel and footwear brands and retailers, VF Corp raised its full-year guidance on strong sales and earnings, while L Brands reported a 28.7% drop in earnings, and Urban Outfitters achieved record second-quarter sales and a jump in profit.

In the latest second-quarter filings from US apparel and footwear brands and retailers, VF Corp raised its full-year guidance on strong sales and earnings, while L Brands reported a 28.7% drop in earnings, and Urban Outfitters achieved record second-quarter sales and a jump in profit.

Boot Barn Holdings

Boot Barn Holdings CEO Jim Conroy said the company is “very pleased” with its second quarter results which saw the firm book a surge in profit as net income climbed to US$4.5m from $1.1m in the year-ago period. Net sales were also up, rising 17.5% to $168.1m from $143.1m in the prior year, driven by an 11.3% increase in same store sales, the sales contribution from the stores acquired from Wood’s Boots, Lone Star and Drysdales, and sales from new stores added over the past twelve months. Gross profit was $50.9m, or 30.3% of net sales, compared to $41.7m, or 29.1% of net sales, in the prior-year period. Gross profit rate increased primarily from a 30 basis point increase in merchandise margin rate and 90 basis points of leverage in buying and occupancy costs.

VF Corp

US apparel giant VF Corp has upped its full-year guidance on the back of higher sales and earnings in its second-quarter, driven by its core brands, the company’s international and direct-to-consumer platforms, and its work businesses. Net income jumped 31% to US$507.1m from $386.1m in the year-ago period. Gross margin declined 10 basis points to 50.1% as the impact of acquisitions was partially offset by a mix-shift toward higher margin businesses and continued focus on fundamentals. Net revenues increased 15% to $3.9bn billion, including a $324m revenue contribution from the Williamson-Dickie, Icebreaker and Altra acquisitions. Active segment revenue increased 19%, including a 26% increase in Vans brand revenue, while outdoor segment revenues increased 6%. Direct-to-consumer revenue increased 19%, while digital revenue increased 48%. For the full year, the company is forecasting revenues of “at least” $13.7bn.

Sears

Edward Lampert, CEO of US department store retailer Sears Holdings, said while the company is encouraged by the improved comparable stores sales trend it experienced in the second quarter, it is yet to achieve its goal of returning to profitability. Net loss in the period increased to US$508m from $250m in the year-ago period. Sears generated total revenues of $3.2bn for the second quarter, compared with revenues of $4.3bn in the prior year quarter, with store closures again significantly contributing to the year over year decline. Total comparable store sales declined 3.9% during the quarter, reflecting Kmart comparable store sales declining 3.7%, and Sears comparable store sales declining 4%.

Cherokee Global Brands 

Cherokee widened its net loss to U$9.1m in the second quarter from $4.6m in the year-ago period. In the weeks to 4 August 2018, the company incurred a restructuring charge of $5.6m and also incurred $4m of interest and other charges, of which $3.2m was non-cash, resulting from the refinancing of its credit facility.  Other one-time items in the second quarter include a $0.6m gain on the sale of Cherokee’s Flip Flop Shops franchise operations. Total revenues meanwhile, were $7.1m, a decrease of 10% from $7.9m in the prior year. The year-over-year decline largely reflects the transition of the company’s Tony Hawk, Cherokee, and the Liz Lange brands in the US from a direct-to-retail model to new wholesale licensing partners. CEO Henry Stupp, however, remains “optimistic” as the firm enters the second half of fiscal 2019.

Oxford Industries

Thomas Chubb III, CEO of Oxford Industries, said the companycontinued to execute well against its plans for fiscal 2018 in the second quarter. For the period ended 4 August, net earnings totalled US$27.2m, compared to $22.7m last year. Consolidated net sales, meanwhile, increased 6% to $302.6m, with increases in each operating group.  Increased sales in the company’s direct to consumer business included a strong comparable store sales increase of 7% and the incremental sales associated with additional stores at Lilly Pulitzer. Gross margin grew to 59.2% compared to 58.3% in the second quarter of fiscal 2017.

Destination Maternity

US retailer Destination Maternity CEO Marla Ryan said the company continued to make progress in the second quarter, as the firm narrowed its adjusted net loss in the period but booked a decline in net sales. For the quarter ended 4 August, adjusted net loss narrowed to US$1.6m from $1.8m last year, while net sales slipped 1.9% to $96.4m from $98.3m a year ago. Sales were negatively impacted by the net closure of 27 retail stores, partially offset by a 1.2% rise in comparable sales. E-commerce sales, meanwhile, surged 8.4% from the prior year second quarter. Gross margin for the period was 51.7%, a decrease of 123 basis points from the comparable prior year gross margin.

Genesco

Genesco’s second-quarter performance was highlighted by the company’s strongest quarterly comparable sales increase in more than two years. For the three months ended 4 August, net sales increased 6% to US$654m from $617m, while comparable sales increased 3%, with stores up 2% and direct up 7%. Direct-to-consumer sales were 10% of total retail sales for the quarter, up a little over last year. Meanwhile, the company narrowed its net loss in the period from $3.9m last year to $15,000. Second-quarter gross margin declined 50 basis points to 49.2% from 49.7% a year ago, reflecting primarily increased markdowns to clear slower-moving product at Schuh and Johnston & Murphy’s wholesale operations, as well as at Journeys due in part to the shift in the calendar, partially offset by better full price selling in the company’s other business segments.

Zumiez

Zumiez CEO Rick Brooks said the firm has delivered its strongest second quarter in several years as net income totalled US$4.4m, compared to a net loss of $0.6m in the year-go period. Total net sales meanwhile, increased 13.9% to $219m  from $192.2m last year. Comparable sales for the 13-week period increased 6.3% compared to a comparable sales increase of 4.7% a year ago.

G-III Apparel Group

G-III Apparel Group booked second-quarter earnings and sales that beat its expectations, boosted by results across its wholesale businesses. The company moved to a net income of US$10.1m in the quarter from a net loss of $8.6m in the year ago period. Net sales increased 16.1% to a record of $624.7m. The firm has increased its prior guidance for the full fiscal year and now expects net sales of around $3.06bn and net income of between $125m and $130m.

Burlington Stores

Burlington Stores has continued its strong earnings momentum in fiscal 2018 with what CEO Tom Kingsbury called a “solid” set of second-quarter results, driven by 9.9% sales growth. Net income in the 13 weeks to 4 August increased 51% over the prior year period to US$71m from $47m in the year-ago quarter. Gross margin expanded by 70 basis points to 41.4% driven primarily by increased merchandise margin, which was slightly offset by higher freight costs. Total sales, meanwhile, jumped nearly 10% to $1.5bn, with new and non-comparable stores contributing an incremental $94m in sales during the quarter. Comparable store sales increased 2.9%.

Perry Ellis

Perry Ellis has reported a net loss of US$3.3m in the second quarter to 4 August. The figure compares to net income of $0.9m in the year-ago period. Total revenue was $199m, a 3.5% decrease from $207m last year, primarily the result of the decline in the women’s business attributed to the loss of sales associated with Bon-Ton in the amount of $5m and the transfer of Laundry dresses to a licensing partner. Disciplined management of inventory along with increased sales of higher margin brands led to a 110 basis point expansion in GAAP gross margin to 38.1% from 37% last year.

Abercrombie & Fitch Co

Fran Horowitz, CEO of US apparel retailer Abercrombie & Fitch Co, said the company is pleased with its second-quarter performance,capping off a strong first half of the year. In the 13 weeks ended 4 August, the firm narrowed its net loss to US$3.9m from $15.5m in the year-ago period. Net sales, meanwhile, reached $848.4m, up almost 9% from $779.3m last year. Comparable sales increased 3%, with Hollister up 4% and Abercrombie up 2%. Gross profit rate improved 110 basis points to 60.2%.

PVH Corp

PVH Corp booked growth in both earnings and sales in its second-quarter, exceeding company guidance thanks to broad-based strength across the business and continued momentum in its Calvin Klein and Tommy Hilfiger brands. Earnings reached US$164.7m from $119.4m, while net sales grew 13.3% to $2.22bn from $1.96bn. Revenue in the Calvin Klein business for the quarter increased 18% to $925m, while at Tommy Hilfiger, sales were up 15% to $1bn. Revenue in the Heritage Brands business for the quarter, however, decreased 3% to $380m compared to the prior year period. 

The company has also announced its IZOD brand is to expand into Europe, with plans to launch the line in Spain, Germany, the Netherlands and Scandinavia this autumn. The IZOD collection will be available through a network of partners across the continent in store and online, including El Corte Inglés (Spain), Hudson’s Bay (Netherlands), Galeria Kaufhof (Germany). The collection will also be available online through Zalando and Boozt.

Guess Inc

Victor Herrero, CEO of Guess Inc, said he was very pleased by the momentum the company is experiencing across the globe as both earnings and revenue increased in the second quarter. For the period ended 4 August, net earnings attributable to Guess Inc climbed 4% to US$25.5m from $15.2m in the year-ago quarter. Total net revenue, meanwhile, totalled $645.9m, a rise of 13.7% from $568.3m last year. In constant currency, net revenue increased by 12.2%. Sales in the Americas were down by 2% in the quarter, while sales in Asia and Europe increased by 32% and 22.2% respectively. Adjusted operating margin was 5.7%, an increase of 130 basis points compared to the same prior-year quarter.

Looking ahead, Herrero said Guess is planning for positive comps in all regions, including the Americas, and feels confident the company’s turnaround has only just begun, with the group well positioned to exit this fiscal year with every business segment profitable.

Tilly’s

Tillys delivered its strongest comparable store net sales result since the third quarter of fiscal 2016, with CEO Ed Thomas confident the company’s e-com business is “back on track”. For the second quarter ended 4 August, net income totalled US$9.7m, compared to a net loss of $0.6m last year.Total net sales, meanwhile, were $157.4m, an increase of $18.6m, or 13.4%, from $138.8m in the year-ago period, helped by the calendar shift impact and sales from five net new stores. Comparable store net sales, which includes e-commerce net sales, increased 4.4% in total. Comparable store net sales in physical stores increased 3.8%. E-commerce net sales increased 8.1%. Gross margin widened to 31.8% from 29.5% last year. The 230 basis point improvement was primarily attributable to leveraging lower total occupancy costs on higher total net sales. Product margins were approximately flat.

Dick’s Sporting Goods

Dick’s Sporting Goods booked a rise in both earnings and revenue for the 13 weeks ended 4 August. Consolidated net income in the period totalled US$119.4m, an increase of 5.48% on $112.4m last year. Net sales, meanwhile, reached $2.18bn from $2.16bn in the year-ago quarter. Adjusted for the calendar shift due to the 53rd week in 2017, consolidated same store sales decreased 4% on a 13-week to 13-week comparable basis. Based on an unshifted calendar, consolidated same store sales decreased 1.9%.

Express

David Kornberg, CEO of speciality retail apparel company Express, said the company’s second-quarter performance represents another step forward in its pursuit of returning to sustainable and profitable long-term growth. The company has raised its full-year guidance on the back of a rise in revenue and a return to profit in the period. Net income in the 13 weeks to 4 August, totalled US$2.2m, compared to a net loss of $11.9m in the second quarter of 2017. Net sales, meanwhile, increased 3% to $493.6m from $481.2m last year, while comparable sales (including e-commerce sales) increased 1%, compared to a 4% decrease in the year-ago period. Gross margin improved 60 basis points to 28.4% of net sales compared to 27.8% a year ago. The improvement was driven by a 70 basis point decrease in buying and occupancy costs as a percentage of net sales, partially offset by a 10 basis point decrease in merchandise margin.

American Eagle Outfitters

American Eagle Outfitters delivered record sales for the quarter ended 4 August, with total net revenue rising US$120m, or 14% to $965m compared to $845m last year. The company did note about $40m of the revenue increase was due to the shifted retail calendar. Consolidated comparable sales increased 9% year-on-year, following a 2% increase in 2017. Net income, meanwhile, increased 6.2% to $60.3m from $21.2m, while gross margin rate increased increased 170 basis points to 36.6% of revenue compared to adjusted 34.9% last year, primarily reflecting rent leverage.

Chico’s

Chico’s reported second-quarter results which were in line with company expectations, as net income slipped to US$16.8m from $22.7m in the year-ago period. Gross margin was flat at 36.1%, primarily driven by a 100 basis point improvement in maintained margin, offset by costs related to continued expansion of our omni-channel fulfillment programs and deleverage of store occupancy costs. Net sales, meanwhile, were down 5.9% to $544.7m from $578.6m, primarily reflecting a comparable sales decline of 3.2%, the unfavourable impact of the calendar shift due to the 53rd week in fiscal 2017, as well as the impact of 42 net store closures since last year’s second quarter. The comparable sales decline was primarily driven by a decline in transaction count partially offset by higher average dollar sales.

Shoe Carnival

Cliff Sifford, CEO of Shoe Carnival, said the firm is pleased with its “strong” financial results for the second quarter which exceeded company expectations . For the period ended 4 August, net income reached US$11.8m, compared to $3.9m last year, while net sales climbed 14.2% to $268.4m from $235.1m in the year-ago quarter. About $19.7m of this increase was attributable to the one-week shift in the calendar due to fiscal 2017 being a 53-week year. Meanwhile, comparable store sales for the period were up 6.7%, primarily driven by a double-digit increase in women’s non-athletic footwear. Gross profit margin increased to 31.2% compared to 29% in the second quarter of fiscal 2017.

The Children’s Place

Speciality retailer The Children’s Place booked a mixed second-quarter, delivering its highest ever quarterly comp, a positive 13.2% on top of a positive 3.1% last year – but a 47.6% drop in earnings for the period. For the 13 weeks to 4 August, net sales increased by 20.1% to $448.7m from $373.6m last year. Net income, meanwhile, slipped to US$7.5m from $14.3m in the previous year due to higher interest payments and a higher provision for taxes.

Ross Stores

Ross Stores delivered “above-plan growth” in both sales and earnings in the second quarter. Net earnings surged 22.7% to US$389m, compared to $317m in the prior year. Sales rose 9% to $3.7bn, with comparable store sales up 5% over the year-ago period. Though better than expected, operating margin of 13.8% was down from last year as higher merchandise margin and leverage on occupancy and buying costs were more than offset by a combination of unfavourable timing of packaway-related expenses, higher freight costs, and higher wages.

L Brands

L Brands has reported a 28.7% drop in earnings for the second quarter as net income fell to US$99m from $138.9m in the year-ago period. Net sales, meanwhile, totalled $2.98bn, an increase of 7.4% compared to sales of $2.76bn last year, while comparable sales increased 3% compared to the prior year quarter. The company has also announced that Denise Landman, CEO of Victoria’s Secret Pink, has made the decision to retire at the end of this year. Amy Hauk, currently president for merchandising and product development of Bath & Body Works, will replace Landman.

Target Corp

Brian Cornell, CEO of US department store retailer Target Corp, said the company is extremely pleased its second-quarter results as unprecedented 6.4% traffic growth drives comparable sales growth of 6.5%. Net earnings in the period were up 19.1% to US$799m from $671m in the year-ago quarter. Gross margin, meanwhile narrowed slightly to 30.3% from 30.4% in 2017, reflecting pressure from digital fulfilment costs, partially offset by the benefit of merchandising strategies including cost savings initiatives and efforts to improve pricing and promotions. Total revenue of $17.8bn was up 6.9% from $16.6bn a year ago, reflecting sales growth of 7% percent and growth in other revenue of 0.2%. Comparable digital channel sales grew 41% and contributed 1.5 percentage points of comparable sales growth.

Urban Outfitters

Urban Outfitters has booked record second-quarter sales and a jump in earnings, as same store sales remained strong across all brands. Net income reached US$92.8m from $49.9m last year, while gross profit rate increased by 180 basis points, primarily driven by lower markdowns at all three brands and leverage in store occupancy cost due to strong retail segment comparable net sales. Net sales grew 13.7% to a record $992m thanks to comparable retail segment sales growth of 13%, driven by strong, double-digit growth in the digital channel and positive retail store sales. By brand, comparable sales increased 17% at Free People, 11% at the Anthropologie Group and 15% at Urban Outfitters. Wholesale segment net sales increased 10%.

TJX Companies

Ernie Herrman, CEO of TJX Companies, said the firm is extremely pleased with its second quarter results as both earnings and revenue increased in the period. For the 13 weeks ended 4 August, net income totalled US$739.6m, compared to $553m in the prior-year period. Net sales, meanwhile, were up 12% to $9.3bn from $8.4bn last year. Consolidated comparable store sales increased 6% over the comparable period. Gross profit margin was 28.9%, up 0.4 percentage points versus the prior year, primarily due to a favourable year-over-year comparison related to the company’s inventory hedges.

Kohl’s

Michelle Gass, CEO of US department store retailer Kohl’s, said the business is pleased to report its sales momentum continued in the second quarter, resulting in a comparable sales increase of 3.1%, its fourth consecutive quarter of positive comparable sales. Reported net income climbed 40% in the period to US$292m from $208m in the prior-year quarter. Net sales also increased, rising 4% to $4.57bn, compared to $4.4bn last year. Gross margin, meanwhile, was up 42 basis points to 39.5% from 39.1% last year.   Gass added the men’s and women’s apparel businesses led the company in the period, followed closely by footwear. 

Nordstrom

Nordstrom saw both earnings and sales increase in its second quarter with the former increasing 47% to US$162m from $110m a year earlier thanks to higher sales volume, a lower effective tax rate and the impact of a new revenue recognition standard. Gross margin increased 91 basis points to 35%, boosted by continued regular price selling trends and leverage on occupancy expenses. Total sales were up 7.1% to $3.98bn, while like-for-like sales increased 4%.

Walmart

US retail giant Walmart moved to a loss in its second-quarter but recorded its strongest comparable sales growth – of 4.5% – in more than ten years, thanks to the performance of apparel, grocery and seasonal products. This was supported by traffic and ticket growth, both of which exceeded 2%. Total revenues were up 3.8% to $128bn. Net losses, meanwhile, amounted to $861m from earnings of $2.9bn a year earlier.

JC Penney

US department store retailer JC Penney has widened its net loss in the second quarter as it continues work to right-size its inventory. Losses amounted to US$101m from $48m a year earlier. Total sales were down 7.5% to $2.76bn, primarily due to 141 store closures in fiscal 2017.  Comparable sales edged up 0.3 % for the quarter. CFO Jeffrey Davis, said: “This quarter we adjusted our approach to inventory management from ‘buying to store capacity’ to ‘buying and chasing’ into demonstrated sales trends.  Inventory receipts continued to outpace total sales performance this quarter due to prior purchase commitments.” The company has reduced its earnings guidance for fiscal 2018.

Macy’s

Department store retailer Macy’s booked a 4.5% rise in earnings in the second quarter, as net income reached US$166m from $111m in the year-ago period. Net sales, meanwhile, totalled $5.57bn, a decrease of 1.1% compared with net sales of $5.64bn in the second quarter of 2017. Comparable sales were flat on an owned basis, but were up 0.5% on an owned plus licensed basis. For the full year, Macy’s has upped its forecast to adjusted earnings per diluted share of $3.95 to $4.15, and total sales to range from flat to a 0.7% increase.

Weyco Group

Footwear maker Weyco booked a “solid quarter” in the period ended 30 June, as both revenue and profit increased. Net earnings rose 29% to US$1.6m from US$1.3m last year, helped by the lower US federal tax rate. Net sales, meanwhile, reached $60.9m, up 6% compared to second quarter 2017 net sales of $57.5m. “Overall, we had a solid quarter, but we continue to work on the soft spots in our business and are excited to build upon our positive momentum in the second half of the year,” said chairman and CEO Thomas Florsheim, Jr.

Wolverine Worldwide

Wolverine Worldwide has raised its full-year earnings guidance and updated its full-year outlook on the back of a “strong” second quarter. For the period ended 30 June, net earnings reached US$55.3m from $20.7m in the year-ago quarter. Reported gross margin was 41.3%, as compared to 37.9% in the prior year. Reported revenue, meanwhile, fell 5.3% to $566.9m from $598.8 last year. The company now expects FY earnings per share to be in the range of $2.05-$2.12, with revenues of $2.24bn-$2.32bn.

HanesBrands 

Apparel maker HanesBrands has reported second-quarter results consistent with its guidance, with CEO GeraId Evans Jr noting the year is unfolding as expected. For the period ended 30 June, the company reported net sales growth of 4% to US$1.72bn, versus $1.65bn last year. Net sales for Bras N Things, acquired in February 2018, and Alternative Apparel, acquired in October 2017, totalled nearly $52m in the quarter. Sales for the activewear and international segments increased by 7% and 15% respectively, while sales decreased by 3% for the innerwear segment. Net income, meanwhile, slipped to $140.6m from $$172.5m in the year-ago period.

Rocky Brands

US apparel and footwear company Rocky Brands booked a mixed first-quarter as earnings climbed but sales slipped. For the period ended 30 June, net income reached US$2.6m, compared to $1.5m in the year-ago quarter. Net sales, meanwhile, slipped 0.4% to $58.2m from $58.5m last year. Gross margin expanded to 33.6% from 31.1% for the same period last year. The company said the 250 basis point increase was driven by higher wholesale and retail margins combined with a lower percentage of military sales, which carry lower gross margins than wholesale and retail sales.

Columbia Sportswear

Columbia Sportswear has lifted its full-year guidance on the back of a record second quarter. Net income totalled US$9.7m in the period ended 30 June, compared with second quarter 2017 net loss of $11.5m. The firm also reported record net sales of $481.6m, an increase of 21%, compared with net sales of $398.9m last year. Looking ahead, the company currently expects 2018 net sales growth of about 9%-10.5% and 2018 net income to come in between $223m and $230m. CEO Tim Boyle said the results reflect “continued momentum” across its brand portfolio, led by the Columbia brand.

Under Armour

Under Armour has recorded a net loss of US$96m for the second quarter to 30 June, compared to net loss of $12.3m in the year-ago period. Excluding the impact of the restructuring plan, adjusted net loss was $34m. Net revenues, meanwhile, were up 8% to $1.2bn from $1.09bn last year. North America revenue increased 2% to $843m, while the international business continued to deliver strong growth with a 28% increase to $302m, representing 26 percent of total revenue. Within the international business, revenue in EMEA was up 31%, up 34% in Asia-Pacific, and up 7% in Latin America. Apparel revenues, meanwhile, were up 10% to $747m, driven by strength in training and running, while footwear revenues climbed by 15% to $271m. Gross margin decreased about 110 basis points to 44.8% due to inventory management initiatives and a $6m impact related to restructuring efforts.

Carter’s

Carter’s exceeded its sales and earnings objectives in the second quarter, according to CEO Michael Casey, with growth driven by the firm’s US retail and international businesses. Net income in the period, however, decreased US$0.5m, or 1.4%, to $37.3m, compared to $37.8m last year. Net sales, meanwhile, increased $4.4m, or 0.6%, to $696.2m, principally driven by growth in the company’s US retail and international segments, including the contribution from the 2017 Mexico licensee acquisition. This growth was partially offset by a net sales decline in the US, the firm said.

“We saw a meaningful improvement in consumer demand for our brands beginning in late April as spring-like weather arrived in more parts of the United States,” said CEO Michael Casey.

Skechers USA

Casual footwear brand Skechers USA achieved a new quarterly sales record, with net sales soaring 10.6% to US$1.13bn in the second quarter ended 30 June. Skechers said the rise was the result of a 24.9% increase in the company’s international wholesale business, and a 12.8% increase in its company-owned global retail business. Comparable same store sales in company-owned stores worldwide increased 4.5%, including 2.2% in the US and 11.3% internationally. Net income, meanwhile, was down $14.2m or 23.9% to $45.3m from $59.5m a year earlier, while gross margin widened to 49.4% from 47.6% due to strength in the company’s international wholesale and company-owned international retail businesses.

Levi Strauss & Co

Jeans giant Levi Strauss & Co has upped its full-year guidance after posting its third consecutive quarter of double-digit revenue growth. For the three months ended 27 May, net revenues grew 17% on a reported basis to US$1.25bn from $1.07bn last year, driven by broad-based Levi’s brand growth in all regions and channels. Excluding $35m in favourable currency, net revenues were up 13%. In Europe, net revenues were up by 31%, while in the Americas and Asia sales grew by 11% and 13% respectively. Net income, meanwhile, increased $59m to $77m from $17.7m in the year-ago period, primarily reflecting gains on the company’s hedging contracts in the second quarter of 2018 as compared with losses on hedging contracts and a debt refinancing charge in the second quarter of 2017. On a reported basis, gross margin widened to 53.9% from 52.3%, reflecting the margin benefit from revenue growth in the direct-to-consumer channel and international business, a favourable transactional impact of currency and lower product sourcing costs.

Looking ahead, the company raised its full-year 2018 revenue growth guidance to an 8%-10% range in constant currency.

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