Our gross margin rate for the quarter increased 200-basis points to 35.8% of net sales from 33.8% last year. The increase in gross profit as a percentage of sales was due to higher margin rates across all of our product categories.SG&A expenses were $50.5 million, a reduction of 16% on total sales, decline of 17%. SG&A as a percentage of sales to 26.2% compared to a 26.1% last year. The decrease in SG&A expenses was driven by the closing of under-performing stores, and continued focus on effective expense management. Net interest expense was $790,000 for the quarter versus $915,000 last year.
Trans World Entertainment's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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