|$ in millions except per share amounts|
|Thirteen Weeks Ended|
|Mar 30,||Apr 1,||%|
|Diluted Net Earnings|
|per Common Share||$||0.58||$||0.61||(5||)%|
- Sales increased in all divisions and regions.
- Gross margin rate remained strong at 56 percent.
- Operating expenses included $4 million related to the acquisition of ITW’s finishing businesses.
- Product development expenses were $2 million higher than last year, reflecting our continuing investment in new products and technology.
- Interest expense was $3 million higher than last year due to higher debt levels.
- Changes in currency translation rates did not have a significant effect on consolidated results. Favorable translation effects in Asia Pacific offset unfavorable effects in Europe.