Nasdaq's selling, general and administrative expense fell by 22% between 2004 and 2007, while revenue quintupled during that period.

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The cut was defensible: Coke's selling, general and administrative expense had ballooned to 45% of revenue from 35% in the mid-1980s.

FORBES: Gone flat

Still, gross profit declined 2%, principally due to increased building material costs and selling, general and administrative expense rose 14%, primarily due to investments in personnel and other expenses related to plans for growth, including the start-up of its Lexington, Ky.

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