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Carter Hawley First-Quarter Net Drops: Carter Hawley Hale Inc. said its operating income dropped in the fiscal first quarter because of higher markdowns on its merchandise. In the period ended May 1, the retailer said its operating income, which is before interest expenses, income taxes and a one-time item, fell to $5 million from $5.6 million a year earlier. After a $6.9-million income tax gain in this year’s period, the company’s loss was $10.4 million, or 29 cents a share. An $18.8-million restructuring gain made last year’s loss $1.5 million, or break-even on a per-share basis. Carter Hawley Hale emerged from Chapter 11 bankruptcy protection in October.