Net income dropped by more than half to $17.6 million from $40.1 million in the first quarter ended Mar. 26 on sales that were 9% lower at $577.6 million vs. $631.4 million including $6.3 million of negative currency impact. The remaining weakness from the Q4 hangover was expected, and WWW was pleased that it achieved lowered targets, if not actual growth. Gross margin fell 180 basis points to 39.6%, with a 120 b.p. hit attributed to exchange rates and royalty benefits last year that did not recur more than offsetting price increases and supply chain cost savings. Comp store sales ... Log in to view full article.