First quarter sales inched up 2% to $54,409.0 million from $53,432.4 million at 52 public companies we track, but aggregate net income tumbled 31% to $2,682.7 million from $3,906.0 million, reflecting several one-time charges and a broadly more promotional marketplace. Profits were down in every sector and at more than two-thirds of the companies, while only the footwear sector achieved an increase in total sales. Return on Sales was just 4.9%, down from 7.3% a year ago, but up slightly from the 4.9% ROS in the Holiday quarter.

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