Margins: For the first quarter of Fiscal 2009, the Company's consolidated pretax profit margin was 6.6%. This compares to 6.4% in the prior year, which included the negative impact (0.5 percentage points) of a charge related to the previously announced computer intrusion(s). Excluding the intrusion(s) charge, this year's first quarter consolidated pretax profit margin was 0.3 percentage points below the adjusted 6.9% last year and slightly below the Company's plan, due to slightly lower gross profit margin and reduced interest income versus prior year.
The gross profit margin for the Fiscal 2009 first quarter was 24.0%, 0.1 percentage points below the prior year, due to investments in growing the Company's European businesses and deleverage from buying and occupancy costs. These costs were mostly offset by improvement in merchandise margins, which were achieved despite higher fuel costs. Selling, general and administrative costs as a percent of sales was 17.3%, flat to prior year and better than the Company expected, due to solid expense control.
Inventory: Total inventories as of April 26, 2008, were $2.9 billion compared with $2.8 billion at the same time in the prior year. Consolidated inventories on a per-store basis, including the warehouses, at April 26, 2008, were down 3% versus being up 7% at the same time last year. At the Marmaxx division, the total inventory commitment, including the warehouses, stores and merchandise on order, was down versus last year on a per-store basis.
The Company remains very comfortable with its inventory levels and the liquidity within its inventories, which position it very well entering the second quarter to take advantage of buying opportunities.