Standard parts and service gross profit by 7.6% on 4.8% higher revenues from the prior year period. It should be noted that Toyota recalls accounted for only one percentage point of the revenue increase in the quarter. Global same-store revenues up 25% in the quarter and up 21.4% or $445 million in the first six months as compared with the first half of 2009.Improved SG&A expense by 390 basis points sequentially to 77.3% of gross profit and achieved an operating margin of 3.2%. During the quarter we had some adjustments associated with dealership dispositions and severance charges for restructuring a too recently acquired UK dealerships. Excluding these adjustments, on a consolidated basis, SG&A as a percentage of gross profit improved 340 basis points to 78% from the prior quarter reflecting our ability to leverage our inter cost structure.
Group 1 Automotive, Inc. Q2 2010 Earnings Call Transcript
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