Gross profit in the fourth quarter of fiscal 2013 increased 8.6% to $868.4 million, or 34.7% of net sales, compared with $799.7 million, or 33.8% of net sales, in the fourth quarter of fiscal 2012. Included in gross profit for the fourth quarter of fiscal 2013 was a one-time $5.0 million favorable adjustment related to a change in accounting for certain vendor allowances. Excluding this adjustment, gross profit for the fourth quarter of fiscal 2013 increased 8.0% to $863.5 million, or 34.5%. As a percentage of net sales, higher markups and lower freight expense were partially offset by the impact of stronger sales of lower-margin consumables, higher markdowns and increased inventory shrinkage.Selling, general and administrative (SG&A) expenses in the fourth quarter of fiscal 2013 increased 7.6% to $712.9 million as compared to $662.6 million in the fourth quarter of fiscal 2012. SG&A expense was approximately flat on an average per-square-foot basis. As a percentage of net sales, SG&A expenses were 28.5% in the fourth quarter of fiscal 2013 compared with 28.0% in the fourth quarter of fiscal 2012. The expense de-leverage during the quarter was primarily driven by the flat comparable store sales. As a percentage of net sales, higher store occupancy costs and store payroll were partially offset by lower advertising and insurance costs.
Family Dollar Reports Record Sales And Earnings Results
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