Falling revenues and shrinking margins pushed net income 73% lower in the first quarter to $36 million from $133 million, as the top line tumbled 11% to $1,931 million from $2,178 million including a 9.1% drop in comp store sales. The disappointing revenues were attributed to a vendor mix moving away from Nike’s dominance combined with a 10% drop in average tax refunds this year, and macroeconomic headwinds that are impacting middle- and lower-income consumers especially hard. Traffic and conversion were both down, while Champs’ repositioning and the decision to withhold launch product sent sales for the banner down 27%. ... Log in to view full article.