Net income in the fiscal fourth quarter ended Mar. 31 was $89,520,000 against a loss last year of $483,776,000 that included a $323 million impairment charge and a $60 million loss on debt extinguishment, as the top line expanded by 23% to $2,582,672,000 from $2,102,421,000.

The first quarter bottom line swung back to $202 million in profit against a loss of $110 million last year as sales rose 83% (+79% CC) to $2,153 million from $1,176 million, and improved 4% compared to Q1 ’19.

GCO, which has been embroiled in a proxy battle with an activist investor group led by Legion Partners, named three heavyweights to its board, none of whom was among the seven candidates proposed by the activists.