Tariff refunds totaling $21.8 million more than offset $8.9 million in proxy contest and other charges, pushing GCO to a $3,479,000 Q2 profit from last year’s $18,471,000 loss, on 3% lower sales of $529,858,000 down from $545,965,000. The IEEPA refund reduced COGS by 410 basis points, which, combined with 140 b.p. from a reduced promotional cadence at Schuh, better sales mix, and pricing and tariff mitigation actions, resulted in a 51.4% gross margin across banners. Operating expenses were reduced by 2%, as increased occupancy and performance-based compensation were offset by reduced ... Log in to view full article.