The bottom line dipped 6% to $3,118,000 in fiscal Q1 ended July 31 from $3,312,000 last year, despite strong, 35% revenue growth to $114,243,000 up from $84,394,000, as gross margin plunged 1070 basis points to just 26.6%. That’s well below SWBI’s target gross margin of at least 32%, and was attributed to manufacturing cost absorption and inventory reserve adjustments. A 20% reduction in general and administrative expenses came from lower legal and profit sharing costs, and helped lower operating expenses by 5% overall. Total SG&A leveraged 980 b.p. on the higher top line. The return to growth after a series ... Log in to view full article.