Net income for the full year declined 33% to $80,529,000 from $119,522,000 on sales that fell 12% to $1,550,864,000 from $1,769,852,000 as major customers became more conservative placing orders. Business was down across the board, with men’s footwear declining 9% to $507.7 million and women’s off 15% to $965.4 million. Gross margin slid 230 basis points to 18.7% for the year on the overall decline in shipment volumes, though labor pressures have eased. Major regions were all down, with U.S. sales dropping 13% to $761.1 million, sales to China down ... Log in to view full article.