Net income tumbled 71% in the third quarter to just $1,858,000 for the west coast retailer, down from $6,369,000 last year, as revenues contracted by 8% to $239,889,000 from $261,445,000 including a -8.2% comp. The results were worse that expected on both top and bottom lines, in what management called a challenging sales environment. Consumers were pressured by high gas prices and interest rates, along with the resumption of student loan payments. Transactions were down high-single digits, while average ticket increased slightly. Hardgoods sales declined 8% to $141.1 million, footwear dropped ... Log in to view full article.