Net income fell 7% to $20,387,000 to $21,923,000 on a top line decrease of 8% to $163,084,000 from $177,707,000 for the fiscal second quarter ended Mar. 27. Gross margin improved 160 b.p. to 46.1% on stronger pricing and improved mix, while operating expense was reduced 15% to $43,338,000 from $51,285,000 helped by $5.5 million in favorable valuation adjustments to deferred compensation plan assets. All segments were hit by some locations’ temporary closures, led by a 38% sales drop in ... Log in to view full article.