Selling, general and administrative (SG&A) expenses, as a percentage of net sales, were 28.9% in the quarter compared to 29.2% in the first quarter of fiscal 2012. Most expenses were leveraged during the quarter. Additionally, as a percentage of net sales, lower store labor expenses were offset by higher insurance expense and higher marketing expense.The effective income tax rate in the quarter was 36.4% as compared to 37.4% in the first quarter of fiscal 2012. The decrease in the effective tax rate was due primarily to foreign tax benefits associated with the Company’s global sourcing efforts and favorable resolution of uncertain state tax positions, which were partially offset by a decrease in federal jobs tax credits.
Family Dollar Reports First Quarter Results
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