Net income was slashed 71% to $11,432,000 in the fourth quarter from $38,204,000 on sales that were down 19% to $280,110,000 from $346,677,000. North American sales were down 23% to $219.8 million while the Europe and Australia international segment was up 1% (+8% CC) to $60.3 million. All categories were down in the quarter with men’s leading declines, followed by hardgoods, women’s, accessories, and footwear.

Gross margin contracted 460 b.p. to 34.0%, topped by 180 b.p. in store occupancy deleverage and a 120 b.p. cut to product margin. SG&A decreased 3% in ... Log in to view full article.