Net income rocketed higher to $21,326,000 in the 14-week fourth quarter over $356,000 in last year’s 13-week period, on revenues that gained 19% to $290,582,000 from $244,094,000. Stores comped up 10.5% over a comparable 14-week period last year, lapping a 0.6% decrease. Gross margin improved 360 b.p. to 35.2% on a 243 b.p. increase in merchandise margins, along with lower store occupancy and warehousing costs as a percentage of sales and an insurance settlement benefit, partially offset by lower distribution costs capitalized into inventory for the quarter. SG&A inched down 2% to $74,366,000, contracting as a percentage of sales by ... Log in to view full article.