Net revenues grew by 7% to $1.44 billion. The top line increased by 11% on a constant currency basis, which excludes $48 million in unfavorable currency translation effect.
Revenue related to direct-to-consumer business increased by 10% on the performance and expansion of the company’s retail network, as well as growth in its e-commerce business. The company had 70 more company-operated stores at the end of the first quarter of 2019 than it did a year prior. Revenue related to wholesale business rose by 5% reflecting growth in all regions.
Looking ahead into fiscal 2019, the company expects constant-currency net revenues growth in the range of mid-single digits and constant-currency adjusted EBITDA margin to be flat-to-slightly up. Additionally, the company anticipates capital expenditures of about $190 million to $200 million and nearly 100 new company-operated store openings in fiscal 2019.
For the first quarter, revenues in the Americas grew 9% on a reported basis and 10% on a constant-currency basis, reflecting higher revenues across both wholesale and direct-to-consumer channels across the region. In Europe, net revenues rose 3% on a reported basis and 10% on a constant-currency basis, reflecting continued broad-based growth across direct-to-consumer and wholesale channels.
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In Asia, net revenues increased 8% on a reported basis and 14% on a constant-currency basis, reflecting strong performance across traditional wholesale, franchisee and direct-to-consumer channels. Revenue growth was broad-based across the region’s markets, including China.
At February 24, 2019, cash and cash equivalents of $622 million and short-term investments of $100 million were complemented by $806 million available under the company’s revolving credit facility, resulting in a total liquidity position of about $1.5 billion. Net debt at the end of the first quarter of 2019 was $319 million.
The company, which had offered its shares at $17 apiece at the IPO on March 21, saw its shares close higher at $22.41 at the end of the first day. The stock closed Tuesday’s regular trading session up 2.72% at $21.88 on the NYSE, which was over 28% higher than the IPO price.