Net income plunged 78% in the first quarter ended Mar. 23 to $267,000 from $1,216,000 on flat sales of $32,102,000 vs. $32,149,000 in the company’s slowest period. Gross margin contracted 160 basis points to 26.4% while SG&A ballooned by $0.8 million, or 250 basis points as a percent of sales, due to a non-recurring investment in new basketball displayers. Stronger sales to specialty ... Log in to view full article.