Net income at the family shoe retailer was up slightly to $11,832,000 from $11,775,000 in the second quarter on slightly lower revenues of $268,221,000 compared to $268,366,000 despite comp store sales that were up 1.4% against last year’s 6.7% increase. Gross margin decreased by 60 basis points to 30.6% hurt by higher buying, distribution and occupancy expenses, though product margins were flat. SG&A was down $2.4 million and 80 b.p. as a percent of income on lower equity and incentive compensation. Inventory at quarter end was up 2.3% on a per store basis ramping up for Back-to-School.

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