Revenue during the quarter went up marginally by 0.70 percent to $2,001 million from $1,987 million in the previous year period. Gross margin for the quarter contracted 104 basis points over the previous year period to 33.98 percent. Total expenses were 86.61 percent of quarterly revenues, up from 85.10 percent for the same period last year. That has resulted in a contraction of 150 basis points in operating margin to 13.39 percent.

Operating income for the quarter was $268 million, compared with $296 million in the previous year period.

“The first quarter was one of our most profitable quarters ever, but it did fall short of our original expectations," said Richard Johnson, chairman of the Board and chief executive officer. "The slow start we experienced in February, which we believe was largely due to the delay in income tax refunds, was unfortunately not fully offset by much stronger sales in March and April. Nonetheless, we believe our banners remain at the center of a vibrant sneaker culture. We are confident that our customers have not lost their tremendous appetite for athletic footwear and apparel and that our position in the industry is stronger than ever."