Net income at the Japanese retailer tumbled 91% in the fiscal first half ended Sep. 30 to ¥136 million ($1.3 mm) from ¥1,469 million last year, as revenues dropped 23% to ¥90,886 million ($856.6 mm) from ¥117,505 million. Implied revenues for the second quarter improved to a 12% year-over-year decline from FQ1’s 33% falloff. Gross margin expanded by 110 basis points to 40.4%, but SG&A deleveraged 440 b.p. on the lower top line. Xebio said ... Log in to view full article.