Net loss was ¥1,097 million ($10.2 mm) in the fiscal first quarter ended June 30, against a profit of ¥1,308 million last year, on 32% lower revenues of ¥28,657 million ($266.6 mm), down from ¥42,155 million, as the Covid-19 pandemic affected all regions. All categories declined, with footwear down 34% to ¥12.1 billion, apparel off 35% to ¥12.9 billion, equipment falling 24% to ¥10.0 billion and services/other dropping 34% to ¥7.1 billion. Gross margin contracted by 320 basis points to 39.3%. Cuts in advertising and promotion helped send SG&A down 18% in yen, but it still deleveraged 780 b.p. on ... Log in to view full article.