Net income was $47.6 million for the period ended Oct.30 compared to $36.9 million last year as sales rose 2% to $881.8 million from$867.0 million, where growth in the wholesale division was offset by a 2.7%decline in the retail operations. Gross margin improved 130 b.p. to 37.3% andoperating margin rose 80 b.p. to 7.8%. PSS noted that it did not repeat anOprah Winfrey promotion this year, which added some $20 million to last year’stop line. PSS operated 11 more stores this year than last at 4,857.

By category, Payless domestic had a 5% sales declineto $548.9 million as operating income fell ... Log in to view full article.