The net loss shrunk to $17,349,000 from $95,544,000 in the second quarter ended Jun. 30 as total revenues inched up 1% to $1,191,729,000 from $1,174,859,000, but North American revenues were off 3% to $816,220,000 from a closeout-driven $843,383,000 last year. Last year’s results included restructuring charges of $78.8 million and gross margin this year was up 170 b.p. to 46.5% as Under Dog reduced inventory by 26% to $965.7 million.

Although Under Dog professes satisfaction with its progress, the results sent its shares down 15% and there are some clear signs that its rebuild in the North American market continues to ... Log in to view full article.