First quarter sales inched down to $54,175.6 million from $54,425.0 million at the 51 public companies we track, and total net income was also a bit lower at $2,695.9 million compared to $2,697.3 million, distorted by some big impairment charges in both periods. The sector results were mixed, as equipment and apparel continued to founder, but footwear companies mostly did better, though retailers struggled with a few exceptions. Return on Sales was flat compared to last year at 5.0%, but up slightly from the 4.7% ROS in the Holiday quarter.

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