Gross margin was up nearly 100 bps year over year due to higher initial product margins and lower markdowns. Meanwhile, SG&A expenses increased as a percentage of sales due to marketing investments supporting customer growth, increased payroll costs from higher incentive pay, occupancy costs related to expansion into Denver as well as occupancy rent costs associated with it. Management expects SG&A expenses will be slightly negative contributors towards overall operating income for Q1 2024 fiscal.
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