a $10.0 million increase in other revenue. The comparable sales increase of 0.3% for the 39 weeks ended November 2, 2024 was driven by a 0.3% increase in average ticket.
Gross profit
Gross profit was $3.1 billion for the 39 weeks ended November 2, 2024 compared to $3.0 billion for the 39 weeks ended October 28, 2023. Gross profit as a percentage of net sales decreased to 39.1% for the 39 weeks ended November 2, 2024, compared to 39.7% for the 39 weeks ended October 28, 2023. The decrease in gross profit margin was primarily due to lower merchandise margin, partially offset by deleverage of store fixed costs.
Selling, general and administrative expenses
SG&A expenses increased $118.8 million, or 6.3%, to $2.0 billion for the 39 weeks ended November 2, 2024, compared to $1.9 billion for the 39 weeks ended October 28, 2023. SG&A expenses as a percentage of net sales increased to 25.5% for the 39 weeks ended November 2, 2024, compared to 24.5% for the 39 weeks ended October 28, 2023, primarily due to deleverage of corporate overhead due to strategic investments and deleverage of store payroll and benefits, and store expenses, partially offset by lower incentive compensation.
Pre-opening expenses
Pre-opening expenses were $12.0 million for the 39 weeks ended November 2, 2024 compared to $5.4 million for the 39 weeks ended October 28, 2023.
Interest income, net
Interest income, net was $13.1 million for the 39 weeks ended November 2, 2024 compared to $14.3 million for the 39 weeks ended October 28, 2023. As of November 2, 2024 and October 28, 2023, we had $199.7 million and $195.4 million, respectively, outstanding under the credit facility. We did not have any outstanding borrowings on the credit facility as of February 3, 2024.
Income tax expense
Income tax expense of $253.9 million for the 39 weeks ended November 2, 2024 represents an effective tax rate of 23.9%, compared to $278.6 million of income tax expense representing an effective tax rate of 23.7% for the 39 weeks ended October 28, 2023.
Net income
Net income was $807.8 million for the 39 weeks ended November 2, 2024 compared to $896.6 million for the 39 weeks ended October 28, 2023. The decrease in net income is primarily due to the $118.8 million increase in SG&A expenses and the $6.6 million increase in pre-opening expenses, partially offset by the $24.7 million decrease in income taxes and the $13.1 million increase in gross profit.
Liquidity and capital resources
Our primary sources of liquidity are cash and cash equivalents, cash flows from operations, and borrowings under our credit facility. The most significant components of our working capital are merchandise inventories, cash and cash equivalents, and receivables, reduced by accounts payable, deferred revenue, and accrued liabilities. As of November 2, 2024, February 3, 2024, and October 28, 2023, we had cash and cash equivalents of $177.8 million, $766.6 million, and $121.8 million, respectively.
Our primary cash needs are for rent, capital expenditures for new, remodeled, and relocated stores, increased merchandise inventories related to store expansion and new brand additions, supply chain improvements, share repurchases, and continued investment in our information technology systems.