Record Gross Profit and Margin Expansion
Gross profit increased 2.4% year-over-year to $138.6 million, the highest in the company's history. Gross margin expanded 90 basis points to 19.6%, driven by strong growth in cloud software, cybersecurity, and services.
Strong Performance in Business Solutions
Business Solutions segment saw net sales grow 1.7% to $256.8 million, while gross profit increased 7.8% to $68 million. Gross margin reached a record 26.5%, up 150 basis points year-over-year.
Significant Growth in Retail and Financial Services
Retail saw net sales grow 25% and gross profit up 42% year-over-year. Financial services net sales were up 23% and gross profit increased 19% year-over-year.
Strong Liquidity Position
Ended the quarter with $399.2 million in cash, cash equivalents, and short-term investments, providing ample flexibility for strategic priorities and shareholder returns.