The company said net sales for Q1 2024 rose 11.8% to $1.90 billion, and net income rose 11.2% to $442.0 million. The comparison base was net sales of $1.70 billion and net income of $397.4 million for Q1 2023.

1. 01

   The company said net sales for Q1 2024 rose 11.8% to $1.90 billion, and net income rose 11.2% to $442.0 million. The comparison base was net sales of $1.70 billion and net income of $397.4 million for Q1 2023.

2. 02

   The company said changes in foreign currency exchange rates had an unfavorable impact of $64.4 million on net sales for Q1 2024, and that net sales on a foreign currency adjusted basis rose 15.6%. Gross profit as a percentage of net sales was 54.1%, compared with 52.8% in Q1 2023.

3. 03

   The company said it plans to commence a modified Dutch Auction tender offer for up to $3.0 billion of its common stock. It said it expects to fund the offer with about $2.0 billion of cash on hand and about $1.0 billion in new borrowings.

4. 04

   The company said its Co-CEOs intend to participate in the offer, and that Mr. Sacks is considering reducing his day-to-day management responsibilities starting in 2025. At that time, Mr. Sacks would remain Chairman of the Board, and Mr. Schlosberg would become CEO.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.