Net income fell 3% to $27,408,000 from $28,388,000 for the first quarter ended May 2 on revenues that were 3% higher at $269,823,000 vs. $261,909,000. Comp store sales fell 0.9% dragged down by a 8.6% comp decline in February attributed to weather-related store closures, port delays and earlier tax refunds. There were 1,991 store closure days in Q1 compared to a minimal amount last year. Gross margin fell 54 basis points to 37.0% due to markdowns taken after February’s slow sales. SG&A deleveraged 49 b.p. to 19.2% on the lower comps.

Comps were -8.6% in Feb., +8.6% in Mar., -3.1% in ... Log in to view full article.