Consolidated gross margins in the quarter were 28.3% versus 27.1% in the third quarter last year and our guidance of 26% to 26.5% provided in May. The improvement in margins compared to the third quarter of fiscal 2010 was due to manufacturing efficiencies and the impact of Gold Toe. The impact of higher net selling prices, including the absence of promotional discounting during the quarter, offset the negative impact and percentage gross margins of the higher cost of cotton.

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