Shoe Q2 net income fell 67% as sales and margins declined
Shoe reported Q2 net income fell 67% year over year, with sales down and gross margin compressed amid increased promotions and inventory liquidation. The company also cited lower comparable store sales and noted inventory and store reductions underway.
Net income and sales declined sharply year over year, with lower comparable store sales and gross margin compression tied to increased promotions and inventory liquidation. The company said it completed a CEO transition and strategic review, which led to significant one-time charges in Q1, and that it is focusing on…