Shoe manufacturer Stride Rite Corp yesterday posted a slight drop in first quarter profit amid a seven per cent fall in net sales to $140.7 million from the $151.1m recorded in the year-ago period. The Massachusetts-based company saw its net income fall to $7.5m, or 18 cents per share, for the 13-weeks ended March 1, compared to $7.8m, or 19 cents per share, in 2001.