Net income declined 20% to $10,247,000 from $12,771,000 in the first quarter ended May 5 on 5% higher revenues of $255,234,000 vs. $242,090,000, boosted by golf and Nike swim as well as an 8% increase in direct-to-consumer. DTC comps increased double digits and royalty revenues jumped 19% to $9.8 million. The bottom line was pulled down by a net $1.9 million of one time expenses for consolidation and reorganization. Gross margin contracted 80 basis points to 36.8% due to changes in product mix and new accounting standards that shifts licensing revenues ... Log in to view full article.