Gross margin was 30.4%, down 19 basis points from 30.6% in the prior-year quarter. CFO Dave Wells said LIFO expense totaled $6.9 million, above the company’s expectations and up from $0.7 million a year earlier, creating a 54-basis-point year-over-year drag on gross margin. Wells said the LIFO increase reflected broader product inflation and supplier price increases, as well as the company’s decision to increase inventory investment based on its outlook and “firming demand” developing across the business.In ...