Revenues increased 9% to a record $3.74 billion. Same-store sales increased 7% reflecting a 9% increase in HVAC equipment (63% of sales), a 3% increase in other HVAC products (32% of sales) and a 3% increase in commercial refrigeration products (5% of sales).Gross profit increased 10% to a record $899 million with gross margin increasing 30 basis-points. Same-store gross profit increased 8% and gross margin increased 30 basis-points. SG&A expenses increased 7% to $628 million and as a percentage of sales declined 40 basis-points to a record low of 16.8%. SG&A excluding new locations increased 3% to $607 million and, as a percentage of sales, declined 60 basis-points.
Watsco Achieves Record 2013 Fourth Quarter And Full Year Operating Results
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