The final results, foreshadowed late last month, saw net income of $2,843,000, down 87% from $22,075,000 during the key Back-to-School quarter with sales down 3% to $469,352,000 compared to $485,156,000. Finish Line banner comps were down 4.5% for the period while sales at the Macy’s banners were up 5.6% to $81.7 million and remain on track to hit the $350 million sales target for this year. However, heavy promotions to clear inventories as consumer tastes evolved rapidly hammered gross margins which were down 390 b.p. to 27.8% which included 60 b.p. of occupancy deleverage on the lower sales. SG&A was ... Log in to view full article.