Net earnings for the 26 weeks ended April 1, 2012 totaled $43.9 million and was comprised of earnings from continuing operations of $56.3 million, or $1.15 per diluted share and a loss from discontinued operations of $12.4 million. Net earnings for the 26 weeks ended April 3, 2011 totaled $68.0 million and was comprised of earnings from continuing operations of $60.6 million, or $1.24 per diluted share, and earnings from discontinued operations of $7.4 million. Earnings from continuing operations for fiscal 2012 was favorably impacted by a reversal of accrued interest amounting to $1.3 million that was associated with a reduction of the Company’s unrecognized tax liabilities. Fiscal 2011 earnings from continuing operations included a pre-tax gain of $19.5 million ($10.3 million after tax or $0.21 per diluted share) from the sale of the Company’s interest in a foreign investment.
Operating profit in the second quarter of fiscal 2012 increased by 10.1% to $52.5 million (4.68% of sales) from $47.7 million (4.54% of sales) in the first quarter of fiscal 2011. For the 26 weeks ended April 1, 2012, operating profit increased by 10.4% to $98.7 million (4.41% of sales) from $89.5 million (4.30% of sales) in the comparable period of fiscal 2011. The increase in operating profit was driven by increased gross profit that was offset, in part by increases in selling, general and administrative (“SG&A”) expenses.
Gross profit in the second quarter of fiscal 2012 increased by 8.4% to $343.6 million (30.66% of sales) from $317.1 million (30.19% of sales) in the second quarter of fiscal 2011. For the 26 weeks ended April 1, 2012, gross profit increased by 7.5% to $670.4 million (29.93% of sales) from $623.5 million (29.94% of sales) in the same period of fiscal 2011. The LIFO charge for the second quarter of fiscal 2012 was $2.3 million (0.20% of sales) as compared to $4.8 million (0.46% of sales) in the second quarter of fiscal 2011. The LIFO charge for the first half of fiscal 2012 was $5.9 million (0.26% of sales) as compared to $5.3 million (0.26% of sales) for the first half of fiscal 2011.
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