Net income dropped 19% to $78.7 million in the first quarter from $97.6 million, on a 1% top line decline to $695.8 million from $702.9 million, lapping a $25 million gain on a DC leaseback last year and hit by $19.7 million in SG&A for expenses from the proxy battle, sales exploration and related costs. The top line saw roughly flat shipments offset by lower net selling prices and unfavorable mix from tradedowns in certain categories. By region, U.S. sales contracted 1% to $618.0 million, while Canada was down 2% to ... Log in to view full article.