Net income declined 40% to ¥4,115 million ($37.1 million) from ¥6,835 million in the third quarter on 5% higher sales at ¥106,557 million ($959.7 million) up from ¥101,839 million. Gross margin improved 50 basis points to 45.7%, but 260 b.p. of SG&A deleverage to 37.9% of sales, or ¥4.5 billion yen, hurt profitability. The Americas region continued to struggle with sluggish sales of running and lifestyle footwear, with total revenues falling 5% to ¥26,621 million ($239.8 million) from ¥27,884 million in the quarter. One bright spot was a decline in bad debt allowance lapping last year’s retail apocalypse, where the ... Log in to view full article.