Net income was down 14% to $132.3 million from $153.3 million in the final quarter as sales grew 5% to $821.5 million over $782.7 million and were up low-double digits backing out the Under Armour hosiery phase-out earlier this year. Last year’s bottom line included a $41 million benefit from an impairment reversal. Gross margin improved 60 b.p. to 30.8% on lower raw material costs. SG&A was reduced by 11%, leveraging 180 b.p. to 9.5% of sales, benefiting from a jobs credit in Barbados, partially offset by higher variable compensation expenses ... Log in to view full article.