Selling, general and administrative expenses for the quarter, including depreciation and amortization, deleveraged 70 basis points to 26.1% of sales from 25.4% of sales in the prior-year quarter. This deleveraging primarily reflected higher pharmacy expenses associated with new acquisitions as well as increased depreciation and amortization, group medical expenses, and legal and professional fees.Operating income for the first quarter of 2012 increased 13% to $17.1 million or 3.4% of sales compared with $15.1 million or 3.1% of sales in the prior-year period.
Fred's First Quarter 2012 EPS Increase 17%
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