A slimmer gross margin hit the sneaker and sporting goods maker’s bottom line in the first quarter, with net income attributable to shareholders down 41% to TWD 674.0 million ($21.3 mm) from TWD 1,148.8 million, as sales slipped 7% to TWD 19,234.9 million ($606.8 mm) from TWD 20,722.8 million. Gross margin contracted 370 basis points to just 17.4%, but that was partially offset below the line by an 18% cut in selling and administrative expenses and 1% lower research and development spending. Total operating ... Log in to view full article.