Net income nearly doubled to $14,948,000 from $7,742,000 for the fiscal third quarter ended July 3, helped by about $15 million in IEEPA tariff refunds, as sales increased 5% to $189,731,000 from $180,655,000. The profitability boost started with a 770 b.p. expansion of gross margin to 45.3%, lifted by the tariff refund. This eased an 11% increase in operating expenses, deleveraging 210 b.p. to 35.6% of sales, on costs from higher sales volumes and increased variable compensation. Inventory closed at $188.3 million, up 15%, in a ... Log in to view full article.