Net income dropped 45% to $32,512,000 from $59,522,000 for the fourth quarter as sales declined 11% to $658,673,000 from $742,748,000 including a 15% drop in activewear partially offset by a 1% gain in hosiery and underwear. Gross margin contracted 840 b.p. to 17.9% for the quarter, reflecting a $55 million charge from the Back to Basics strategy, as GIL cut the imprintables SKU base, exiting all ship to-the-piece activities and discontinued overlapping and less productive styles and SKUs. SG&A expenses were down 17% to $76,496,000 from $91,894,000, contracting 70 b.p. as a percentage of sales to 11.6%. The company saved ... Log in to view full article.