As expected, SCVL reported a 10% decline in net income to $16,818,000 against $18,780,000 for the 13 weeks ended Apr. 29 on a 3% dip in sales to $253,389,000 compared to $260,470,000 as the delayed tax refunds in Feb. crippled the quarter despite comp store increases in the mid-single digit range in Mar. and Apr. Overall comps were down 3.9%.

SCVL has seen a solid start in May, but remains cautious about Q2 because it anticipates GOB sales of department stores that will be getting under way shortly, pressuring margins in some 41% of its stores. In Q1, it also felt ... Log in to view full article.