Net income declined 8% to $17,782,000 from $19,261,000 for the quarter ended Apr. as sales fell 3% to $584,733,000 from $602,283,000 with Famous Footwear reporting operating income of $25,753,000 this year against $27,960,000 for the quarter ended Apr. 30 on sales of $364,596,000, up 1% from $360,020. Much of the sales decline was from planned exits of low margin businesses in the wholesale sector.

Famous had a strong start to the quarter but saw sales flag later, especially in the Northeast and Midwest on slow sales of sandals and seasonal goods. However, its athletic business remained positive with a double-digit increase, ... Log in to view full article.