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18
OPERATIONS
The following tables set forth the percentage relationship to net sales of each line item of the consolidated statements of
earnings, as well as the percentage change in dollar amounts from the prior year. This table should be read in conjunction with
the following discussion and analysis and the consolidated financial statements, including the related notes to the consolidated
financial statements.
Basis Point Increase /
(Decrease) in Percentage of
Net Sales from Prior Year
Percentage Increase /
(Decrease) in Dollar
Amounts from Prior Year
2015
2014
2015 vs. 2014
2015 vs. 2014
Net sales
100.00%
100.00%
N/A
5.1
%
Gross margin
34.82
34.79
3
5.2
Expenses:
Selling, general and administrative
23.90
23.62
28
6.3
Depreciation
2.51
2.64
(13
)
—
Interest - net
0.93
0.92
1
7.0
Total expenses
27.34
27.18
16
5.7
Pre-tax earnings
7.48
7.61
(13
)
3.3
Income tax provision
3.17
2.81
36
18.6
Net earnings
4.31%
4.80%
(49
)
(5.6
)%
Adjusted EBIT margin 1
9.31%
8.53%
78
14.8
%
Basis Point Increase /
(Decrea
se) in
Percentage of
Net Sales from Prior Year
Percentage Increase /
(Decrease) in Dollar
Amounts from Prior Year
2014
2013
2014 vs. 2013
2014 vs. 2013
Net sales
100.00%
100.00%
N/A
5.3
%
Gross margin
34.79
34.59
20
5.9
Expenses:
Selling, general and administrative
23.62
24.08
(46
)
3.2
Depreciation
2.64
2.74
(10
)
1.6
Interest - net
0.92
0.89
3
8.3
Total expenses
27.18
27.71
(53
)
3.2
Pre-tax earnings
7.61
6.88
73
16.4
Income tax provision
2.81
2.60
21
13.8
Net earnings
4.80%
4.28%
52
18.0
%
EBIT margin 1
8.53%
7.77%
76
15.5
%