Total Company net sales increased 18.6% for the quarter.
At Men's Wearhouse/Men's Wearhouse and Tux, the increase of 4.3% in comparable store sales was due to increased units per transaction, higher store traffic levels and an 11.1% comparable store increase in tuxedo rental services revenues.
At Moores, the increase of 2.3% in comparable store sales was due to increased units per transaction and higher net sales price per unit which offset a decline in store traffic.
At K&G, the increase of 4.5% in comparable store sales was due mainly to an increase in units per transaction and higher store traffic levels.
Corporate apparel segment net sales increased $59.4 million to $62.5 million for the quarter compared to the same prior year quarter. The increase was primarily due to our acquisitions of Dimensions and Alexandra in the UK on August 6, 2010.
Gross margin, as a percentage of total net sales, increased 21 basis points from 37.1% to 37.3% due to an increase in tuxedo rental margins and a decrease in occupancy costs as a percent of sales offset by a decrease in retail merchandise margins and the increased mix of the lower margin corporate apparel business.
Selling, general and administrative expenses were $225.4 million in the current year and increased 10.6% from the prior year's SG&A of $203.8 million. The prior year quarter included $19.5 million in non-cash fixed asset impairment charges. Excluding these charges, prior year SG&A expense was $184.3 million.
During the current quarter, the Company incurred $2.3 million in acquisition transaction and integration costs, $1.1 million in tuxedo distribution closure costs and $2.5 million for non-cash fixed asset impairment charges related primarily to K&G and Men's Wearhouse and Tux stores.
Excluding these costs, fourth quarter SG&A expenses were $219.4 million or an increase of 19.0% to the adjusted prior year quarter. SG&A related to the acquired UK operations resulted in a 7.5% increase. The remaining 11.5% increase is primarily due to increased payroll related costs and increased marketing costs. As a percentage of total net sales, adjusted SG&A increased 16 basis points from 40.3% to 40.5%.
Operating loss was $23.2 million. Excluding $2.3 million in acquisition and integration costs, $1.1 million in tuxedo distribution closure costs and the $2.5 million non-cash fixed asset impairment charge; operating loss was $17.3 million or negative 3.2% of total net sales. This compares with the adjusted prior year operating loss of $14.8 million or negative 3.2% of total net sales, which exclude $19.5 million in pretax non-cash fixed asset impairment charges.
Total inventories of $486.5 million increased 11.9% from the prior year fourth quarter of $434.9 million. Excluding the inventory related to the acquisitions of Dimensions and Alexandra in the UK, inventories decreased 5.7%.
The Company had no bank debt at the end of the fourth quarter of 2010 as all debt was paid off during the quarter.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
