F I R S T Q U A R T E R 2 0 2 5 B U S I N E S S U P D A T E A P R I L 2 5 , 2 0 2 5 F I R S T Q U A R T E R 2 0 2 5 R E S U L T S G A A P B A S I S $in millions, except EPS | | First | | First | | | | --- | --- | --- | --- | --- | --- | | | Quarter | | Quarter | | | | | 2025 |$630 | | $661 | | (5%) | | Gross profit | 291 | 46.2% | 315 | 47.6% | (8%) | | Royalty income, net | 5 | 0.8% | 5 | 0.8% | 2% | | SG&A | 270 | 42.9% | 265 | 40.1% | 2% | | Opera ...