Net income was down 25% to ¥606 million ($4.1 mm) from ¥804 million, lapping a 3X-plus gain in the prior year, on a 5% net sales gain to ¥65,424 million ($443.6 mm) from ¥62,362 million in the fiscal first quarter ended Sep. 20. Gross margin expanded 20 b.p. to 40.3%, but higher ad spending impacted the bottom line, pushing SG&A up 6% in yen and deleveraging 50 b.p. to 39.3% of sales. The Japanese retailer maintained its full-year guidance for 5% revenue growth to ¥282,000 million, driving a 0.3% increase in ... Log in to view full article.