Net income increased 7% to $25,341,000 in the second quarter ended Aug. 3 from $23,646,000 last year on 6% higher sales at $752,485,000 compared to $706,612,000 helped by a double-digit improvement from the Brand Portfolio that more than offset another decline at Famous Footwear. Consolidated gross margin was off 80 basis points to 40.7%. SG&A was up $8.7 million on the addition of Vionic and Blowfish Malibu, but leveraged 110 b.p. on the higher sales. Inventory was up 11% year-over-year to $792.1 million, including $50.7 million of Vionic inventory and flat stocks at Famous.
Famous Footwear sales declined 2% to $419,841,000 ... Log in to view full article.