Net income declined 15% to $3,492,000 from $4,127,000 in the third quarter on 8% higher sales of $60,203,000 up from $55,686,000, as the Black Diamond brand accelerated but sales at Sierra Bullets worsened. Sales would have been up 10% constant currency. Gross margin narrowed 150 basis points to 34.1%, with about 80 b.p. of that from the strengthening U.S. dollar, 60 b.p. due to tariffs, and the rest from channel and product mix changes. SG&A was up 4% on investments in Black Diamond R&D and direct-to-consumer sales, but leveraged 100 b.p. on the higher top line.

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