Selling, general and administrative (SG&A) expenses were $26.2 million, or 39.1% of sales, for the fourth quarter of fiscal 2010 compared to $27.2 million, or 41.1% of sales, in the fourth quarter of fiscal 2009. The decrease in SG&A as a percent of sales reflects the leveraging of reduced selling and overhead costs, partially offset by an increase in depreciation expense.
Net income for the fourth quarter of fiscal 2010 was $0.7 million, or $0.02 per diluted share, compared to a net loss for the fourth quarter of fiscal 2009 of $0.8 million, or $0.03 per diluted share. The net loss for the fourth quarter of fiscal 2009 included an initial gift card breakage benefit of $1.3 million, or $0.04 per diluted share, and a store impairment charge of $0.3 million, or $0.01 per diluted share.
The benefit for income taxes for the fourth quarter of fiscal 2010 was $2.1 million compared to a benefit for income taxes of $1.1 million for the prior year period.
Results by SegmentRetail Segment Results Total revenue for the retail segment for the fourth quarter of fiscal 2010 increased 1.7% to $34.9 million from $34.3 million in the fourth quarter of fiscal 2009. Retail comparable store sales decreased 2.3% for the fourth quarter of fiscal 2010 compared to a decrease of 10.4% for the fourth quarter of fiscal 2009. Gross margin for the retail segment, which includes distribution, occupancy and merchandising costs, was 27.0% compared to 27.3% in the prior year period. The decline in gross margin reflects the deleveraging of occupancy and freight costs, partially offset by improved merchandise margin. SG&A expenses for the retail segment were $12.8 million, or 36.7% of sales, in the fourth quarter of fiscal 2010 compared to $12.6 million, or 36.8% of sales, in the prior year period, reflecting leveraging of selling expenses, partially offset by increased overhead and depreciation expenses.
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