Net loss was $920,000 compared to income of $4,168,000 in the fourth quarter ended Jan. 28, including a $3.6 million charge to write down assets of seven Puerto Rico stores, on flat sales of $234,201,000 vs. $233,666,000. Comp store sales decreased 1.2% despite aggressive discounting that pulled gross margin down 170 basis points to 27.5%. Merchandise margin decreased 130 b.p. and buying, distribution and occupancy delevered 40 b.p. As SCVL pre-announced in Jan., it took aggressive steps to clear out slow-selling seasonal boots, and its efforts resulted in total inventory down $13.2 million at the end of Jan., and down ... Log in to view full article.