Net income was 6% higher at $24,297,000 against $22,818,000 in the first quarter ended May 5, on revenues that increased 3% to $712,102,000 from $692,038,000 and comps that gained 2.2%. The bottom line reflected $7.2 million in charges this year for the Ebuys exit, foreign exchange losses and Town Shoes acquisition costs, but benefitted from a 25.3% tax rate down from 40% last year. Gross margin expanded 40 basis points to 29.1%, helped by a new revenue recognition accounting standard and a higher regular price mix, partially offset by shipping costs on e-commerce orders.

Athleisure continued to drive positive comps in ... Log in to view full article.