Net sales from continuing operations for the year ended June 30, 2012 were $530.8 million, up 7.6% from $493.3 million for the year ended July 2, 2011. Comparable store sales for the year ended June 30, 2012 increased 5.3% compared to an increase of 0.6% in the prior year.
Gross margin from continuing operations as a percentage of net sales increased to 39.8% for the fiscal year ended June 30, 2012, compared 38.9% in fiscal 2011. The increase in gross margin as a percentage of net sales from the prior year was primarily due to positive occupancy leverage.
SG&A expenses from continuing operations were $191.7 million, or 36.1% of net sales, for the fiscal year ended June 30, 2012, compared to $185.9 million, or 37.7% of net sales, for the prior fiscal year. The overall dollar increase in SG&A expenses of the current year primarily related to the increases in compensation expenses including incentive compensation.
The effective tax rate from continuing operations for the fiscal year ended June 30, 2012 was 42.4% compared to 39.8% in prior year. The higher tax rate in the current year was due to various discrete items, including elective changes to certain state apportionment factors and the cumulative impact of those changes on the related deferred balances.Net earnings from continuing operations for the fiscal year ended June 30, 2012 were $11.7 million compared to $4.1 million in the prior year. Earnings per share from continuing operations for the fiscal year ended June 30, 2012 was $0.14 per share on 84.4 million diluted shares outstanding, compared to $0.05 per share on 84.3 million diluted shares outstanding in the prior year. Net loss from discontinued operations for the prior year ended July 2, 2011 was $5.8 million, or $0.07 per share, on 84.3 million diluted shares outstanding.
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