Net income was $1,664,000 against a loss of $1,309,000 for the 13 weeks ended Mar. 31 as sales rose 5% to $245,286,000 from $234,178,000 that included a 4.6% comp store improvement. Gross margin was down 20 b.p. to 30.9%, which included a 1 b.p. improvement in merchandise margins as well as occupancy and warehouse expense leverage that were more than offset by lower distribution costs that were capitalized into inventory. Inventory was reduced to $296.2 million from $321.4 million and down 7.7% per store against last year. But SG&A leveraged 180 b.p. to 29.6% as a result of lower overhead ... Log in to view full article.