We're targeting up to $300 million of gross productivity savings by reducing variable costs and waste, while also increasing potato and asset utilization.
Finally, we're targeting up to a 10% reduction in finished goods inventory, while continuing to target high service levels and case fill rates.
May volumes for the category were 15% to 20% above pre-pandemic levels and our shipment of branded products were in line with those trends.
As a result, we expect input cost inflation, especially for edible oils, packaging and transportation, to be a significant headwind for fiscal 2022.
Second, as you may have seen last week, we announced an expansion of our facility in American Falls, Idaho, which will add about 350 million pounds of french fry capacity.
The total investment of around $450 million over the next couple of years is for a new production line as well as to modernize the infrastructure at the facility.
Specifically in the quarter, sales increased 19% to more than $1 billion, which is a company record for the fourth quarter and within about $10 million of our best quarter ever.
Volume was up 13%, and price/mix up 6%.
Excluding the benefit of the extra selling week last year, net sales increased 28% and volume was up 21%.
The sales volume increase largely reflected the strong recovery in demand in the U.S., especially at full-service restaurants as well as improvement in some of our key international markets.
For the year, net sales, exclude benefit of the 53rd week last year, was down 2%, with volume down 6% and price/mix up 4%.
Gross profit in the fourth quarter increased $87 million, driven by higher sales and lower supply chain costs on a per pound basis.
It also includes a $27 million year-over-year benefit from unrealized mark-to-market adjustments as well as the absence of a $14 million write-off of raw potatoes that we incurred last year.
Canola oil prices, in particular, have nearly doubled in the last 12 months.
Our SG&A increased $19 million in the quarter.
And third, it includes an additional $3 million of advertising and promotional support behind the launch of new branded items in our Retail segment.
Equity method earnings were $10 million.
Excluding the impact of the unrealized mark-to-market adjustments, equity earnings increased $14 million versus the prior year.
Diluted earnings per share in the fourth quarter was $0.44 compared to a loss of $0.01 in the prior year.
For the year, adjusted diluted earnings per share was $2.16, down $0.34.
Adjusted EBITDA, including joint ventures, was $166 million, which is up $88 million.
For the year, adjusted EBITDA, including joint ventures, was $748 million down, $51 million.
Sales for our Global segment, which generally includes sales for the top 100 North American-based QSR and full-service restaurant chains as well as all sales outside of North America, were up 19% in the quarter, with volume up 16% and price/mix up 3%.
Excluding the extra selling week last year, sales increased 28% and volume was up 24%.
The 3% increase in price/mix reflected the benefit of inflation-driven price escalators in our multiyear customer contracts as well as favorable customer mix.
Global's product contribution margin, which is gross profit less A&P expense, increased 68% to $56 million.
Sales for our Foodservice segment, which services North American foodservice distributors and restaurant chains generally outside the top 100 North American restaurant customers, increased 82% with volume up 64% and price/mix up 18%.
Sales increased 94% and volume rose 74%, excluding the benefit of the extra selling week last year.
Our shipments to noncommercial customers increased at a more modest rate and currently remain at about 2/3 of pre-pandemic levels.
Overall, shipments by our Foodservice segment exited the quarter at around 95% of pre-pandemic volume.
Foodservice's product contribution margin rose 127% to $96 million.
Sales for our Retail segment declined 28%, with volume down 30% and price/mix up 2%.
Excluding the extra sales week last year, sales declined 22% and volume declined 24%.
We expected this decline as it was against a very strong fourth quarter of fiscal 2020, which included weekly retail sales for the category that were up around 50% on average as consumers switched consumption patterns due to government-imposed stay-at-home orders.
Overall category sales are currently up about 25% from pre-pandemic levels, and each of our branded equities continued to outperform the category.
The Retail segment's price/mix increased 2%, reflecting favorable mix benefit of our branded business.
Retail's product contribution margin declined 32% to $21 million.
Lower sales volumes and a $3 million increase in A&P expense to support the launch of new products drove the decline.
In fiscal 2021, we generated more than $550 million of cash from operations, which is down about $20 million versus last year due to lower sales and earnings, partially offset by lower working capital.
We spent $161 million in capex, paid $135 million in dividends and bought back nearly $26 million worth of stock at an average price of just over $78 per share.
And at the end of our fiscal year, we had nearly $785 million of cash on hand, and our revolver was undrawn.
Our total debt was more than $2.7 billion, and our net debt to EBITDA, including joint ventures ratio, was 2.6 times.
In terms of my successor, I've known and worked with Bernadette for around 20 years on and off.
And as Tom mentioned, we continue to expect overall U.S. french fry demand will return to pre-pandemic levels on a run rate basis around the end of calendar 2021, which is essentially the beginning of our fiscal third quarter.
With respect to earnings, we expect adjusted EBITDA, including joint ventures and net income to gradually normalize as the year progresses, but it will be pressured during the first half by a step-up in input and transportation cost inflation as well as some residual effects of the pandemic's disruptive impact on our manufacturing and distribution operations.
As you may recall, we generally hold about 60 days of finished goods inventory.
In addition to our operating targets, we anticipate total interest expense of around $115 million.
We estimate a full year effective tax rate of between 23% and 24% and expect total depreciation and amortization expense will be approximately $190 million.
And finally, we expect capital expenditures of $650 million to $700 million depending on the timing of spending behind our large capital projects.
So in sum, we expect net sales growth for the year will be above our long-term target of low to mid-single digits, with growth largely driven by volume in the front half and more of a balance of volume and price/mix in the back half.

Summary:
As a result, we expect input cost inflation, especially for edible oils, packaging and transportation, to be a significant headwind for fiscal 2022.
The sales volume increase largely reflected the strong recovery in demand in the U.S., especially at full-service restaurants as well as improvement in some of our key international markets.
Diluted earnings per share in the fourth quarter was $0.44 compared to a loss of $0.01 in the prior year.
And as Tom mentioned, we continue to expect overall U.S. french fry demand will return to pre-pandemic levels on a run rate basis around the end of calendar 2021, which is essentially the beginning of our fiscal third quarter.
With respect to earnings, we expect adjusted EBITDA, including joint ventures and net income to gradually normalize as the year progresses, but it will be pressured during the first half by a step-up in input and transportation cost inflation as well as some residual effects of the pandemic's disruptive impact on our manufacturing and distribution operations.
So in sum, we expect net sales growth for the year will be above our long-term target of low to mid-single digits, with growth largely driven by volume in the front half and more of a balance of volume and price/mix in the back half.