Gross profit as a percentage of net sales was 22.7 percent for the first quarter of fiscal 2013 as compared to 21.3 percent for the same quarter in the prior year. Gross profit as a percentage of net sales in the 2013 first quarter reflects improvement in net price realization and a focus on reducing lower performing SKUs.SG&A expense was $38.2 million during the first quarter of 2013, compared to $29.5 million in the same quarter in the prior year. Included in the first quarter are $11.8 million of certain SG&A expenses related primarily to audit committee investigation, restatement related expenses, consulting fees, retention, and severance. Excluding these expenses, non-GAAP adjusted SG&A was $26.4 million or 10.2 percent of net sales as compared to 9.5 percent in the prior year period.
Diamond Reports Financial Results For First Quarter Of Fiscal 2013
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