While a number Dinosaurs Trex Skeleton Diabetes Awareness shirt . of factors contributed to this record gross margin for the but I will buy this shirt and I will love this quarter, the most significant was improved price realization, driven by the strength of our spring product and improved efficiency. marketing and promotions, and significantly reduced inventory costs compared to the first quarter of last year. Product prices are also lower than last year. Copyright income is roughly the same as last year at $7 million. Adjusted SG&A increased 3% to $271 million, slightly less than our plan. Some of these incentives will carry forward and be spent in the balance of the year. SG&A expenses accounted for 560 basis points, accounting for 34.4% of revenue due to a strong increase in revenue during the quarter.
Dinosaurs Trex Skeleton Diabetes Awareness shirt, hoodie, sweater, longsleeve and ladies t-shirtThis quarter includes higher spending in several areas, including investments in our retail and supply chain capabilities and to further our ongoing productivity program Dinosaurs Trex Skeleton Diabetes Awareness shirt . We also incur higher compensation costs as we took steps a year ago to reduce these costs in line with the but I will buy this shirt and I will love this business’s initial outlook in the face of the pandemic. Adjusted operating income was $129 million compared with an adjusted loss of $26 million in the first quarter of last year. The adjusted operating margin is 16.3%, which is the best performance in years as we have recorded. Below is a net interest expense of $15 million, up from $8 million last year due to $500 million in senior bonds we issued as we took steps in Q2 last year to enhance its liquidity. We had a small foreign currency gain in the first quarter compared to a $5 million exchange rate loss last year. Our actual tax rate is about 24%, up from about 14% in Q1 last year.
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