Net income plunged 84% in the final quarter to $1,362,000 from $8,444,000 on a 10% top line decline to $115,385,000 from $127,771,000 in which a 30% drop in direct sales more than offset a 16% improvement in retail (wholesale) sales. Last year’s results also include an $8.8 million impairment charge that was partially offset by a one time tax benefit from the Tax Act. Management would not provide specific 2019 guidance, warning that the direct segment weakness will continue through most of H1 this year. And, while the retail segment performed relatively better in Q4, high inventories in the mass ... Log in to view full article.