Net income reached a Q1 record of $46.7 million compared to $16.7 million for the first quarter ended Mar. 31 as sales fell 10% to $534.1 million from $591.3 million, but were up 23% adjusted for store closures, the sale of Sebago and the Defense Department business and conversion of Stride Rite to a licensed model. The bottom line improvement was driven by a 300 b.p. gain in the gross margin on lower closeout sales from an inventory that was down 19% against last year as well as 170 b.p. of SG&A leverage as the company anniversaries some heavy spending ... Log in to view full article.