Net income more than doubled to $14,277,000 in the first quarter from $6,943,000, driven by 9% revenue growth to $666,599,000 from $614,221,000, as Famous Footwear continued to struggle while the Brand Portfolio grew sales and profits. Overall gross margin improved by 200 basis points to 47.3%, while SG&A was up 10%, but just 1% higher excluding Stuart Weitzman integration costs. Inventory ended the quarter at $609.1 million, up from a year ago on the Stuart Weitzman addition, but down 4% otherwise, with FF inventory rising 3%.

Famous Footwear sales slipped 3% to ... Log in to view full article.