A net profit of $67,012,000 in the fourth fiscal quarter ended Mar. 31 eclipsed a $141,214,000 loss last year that included a $156 million impairment charge, as revenues expanded 40% to $596,524,000 from $426,311,000. E-commerce was also up about 40%. Excluding the impairment and other one time charges, adjusted net income was $61.4 million against $6.4 million. Overall gross margin was 30.6%, up from just 19.9% last year, while SG&A grew by a third, but still leveraged 80 basis points on revenues. Inventory at period end was up 37% from last year at $454.5 million due to acquisitions and to ... Log in to view full article.