Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 32)

reduction initiatives, which were partially offset by the unfavorable effects of lower volumes, including the de-leveraging of fixed

costs.

Consolidated gross margin as a percentage of sales declined by approximately 110 basis points from the 2007 level to 32.8% in 2008.

That decrease in gross margin was driven by the negative effects of commodity inflation – together with the change in China’s value

added tax and appreciation of the Chinese renminbi – which, in the aggregate, increased cost of goods sold over the 2007 level by

approximately $160 million in 2008. In addition, the comparison of gross margin as a

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur Page 32