The company's net income actually spiked to $97.8 million in the first quarter, up from $52.9 million in first quarter 2007. This came primarily from a pre-tax gain related to the sale of a non-core joint venture and a write-down on the value of another JV.

The one-time boost, however, did not reflect sales performance. Comp-store sales companywide fell 8% in this year's opening quarter, compared with a 3% comp increase, excluding apparel, in first quarter 2007. Net sales fell to $1.9 billion versus $2.3 billion in the same quarter a year ago.

Operating income was $100.4 million compared with $108.5 million in first quarter 2007. Net earnings fell to $36.4 million in this year's first quarter, versus $52.9 million in the corresponding quarter of 2007, reflecting, in part, the company's divestiture of the Express and Limited brand stores.