Comprehensive net income jumped 53% at the outdoor co-op to $46,753,000 in 2018 from $30,490,000 the year before on 6% higher revenues of $2,781,909,000 up from $2,622,776,000. Gross margin expanded 20 basis points to 43.7%. The bottom line benefitted from an effective tax rate of just 19% last year, down from 52% in 2017 which included a one time tax asset revaluation charge of $9.3 million due to the Tax Act. EBIT after patronage dividends were paid to its members was actually down 9% to $58,144,000 from $64,221,000. Occupancy, general and administrative expenses were up $29.7 million, or 20 b.p. ... Log in to view full article.