Heavy markdowns, impairment charges and closed stores for much of the first quarter ended May. 2 contributed to a $215,858,000 loss against a $31,194,000 profit as sales declined 45% to $482,783,000 from $873,289,000 with store comps down 42.3%, partially offset by a digital sales gain of 25%. The results fell well short of expectations for sales of $505 million and a loss of $43.1 million. The GAAP loss included impairment charges of $112.5 million spread across the portfolio of retail and wholesale operations and also included markdowns of $40 million to liquidate seasonal inventory and another $60 million haircut on ... Log in to view full article.