Gross profit for fiscal 2011 was $116.1 million, or 42.8% of net sales, as compared to $104.5 million, or 41.0% of net sales, in fiscal 2010. The 180 basis point increase in gross profit margin was primarily attributable to reduced promotional pricing associated with the improving economic environment in both the U.S. and Canada.Selling, general and administrative expenses for fiscal 2011 were $107.2 million, or 39.6% of net sales, as compared to $106.3 million, or 41.7% of net sales, in fiscal 2010. The $0.9 million increase was primarily driven by $3.8 million of higher expenses related to foreign currency translation and $1.1 million of lease termination costs related to early lease termination fees for three underperforming stores closed at the beginning of fiscal 2012 partially offset by a $1.9 million reduction in marketing expenses, $1.4 million of lower general operating expenses resulting from our continued efforts to reduce general corporate overhead costs and $0.7 million of lower compensation expenses. Excluding the impact of foreign currency translation and the lease termination costs, expenses were $4.0 million lower than the prior year.
Birks & Mayors Reports Full Year Fiscal 2011 Financial Results And First Quarter Fiscal 2012 Sales Results
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