Selling, general and administrative expenses ("SG&A") were $306.4 million this year compared to $287.2 million last year. The increase in SG&A includes higher depreciation, compensation and benefit costs, and professional fees (including the $4.0 million of fees related to the restatement) and lower credit card program income (now included in SG&A and restated for all prior periods presented), partially offset by $3.7 million lower advertising expenses, $2.1 million higher breakage income on unused gift and merchandise return cards as a result of changes in breakage assumptions and a decrease in credit card interchange fees.The effective tax rate for fiscal year 2012 decreased to 30.5 percent from 38.0 percent in 2011 due to the favorable impact from the elimination of the post-retirement life insurance benefit during the fourth quarter.
Stein Mart, Inc. Reports 2012 Results, Completion Of Restatement And Plans For 2013
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