A $55.6 million IEEPA tariff refund pushed Caleres' net income attributable to shareholders to $58,642,000 from $6,713,000 for the second quarter on 6% higher sales of $695,454,000 compared to $658,519,000. The Stuart Weitzman acquisition lifted the top line, but organic sales were down 1%. Gross margin soared to 54.8% including the refund, but was still up 340 b.p. from a year ago on favorable channel and product mix and lower markdowns and allowances. SG&A grew 12%, or 4% backing out Stuart Weitzman, accounting for 43.6% of sales. Inventory closed at $754.2 ... Log in to view full article.