Gift segment margins declined to 17.1 percent from 28.7 percent. The fiscal 2013 gross margin includes a $1.8 million inventory write-off associated with the Restructuring Plan. Excluding this write-off, gross margin would have been 21.9 percent in fiscal 2013. Gifts segment adjusted gross margins were lower in fiscal 2013 due to increased sales mix of low margin items, significantly higher retailer promotional activity, and higher freight costs over 2012.Total SG&A expense for fiscal 2013 was reduced by $3.0 million over the prior year. The 8 percent decline was primarily due to decreases in labor, facilities, distribution costs, and professional services. Fiscal 2013 SG&A as a percentage of net sales improved to 30.5 percent, compared to 32.1 percent in the prior year.
Tandy Brands Reports Fiscal 2013 Fourth Quarter And Year-End Earnings Results
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