From a cash perspective, this is a net positive, as we will have lower net investment in finance receivables, while we continue to receive monthly lease payments from clients. We expect this dynamic to play out more meaningfully on financial performance in 2024. In addition, as we move into the later stages of our product refresh, we expect an uptick in cancellation rates, which is in line with our past experience during product migrations. The three dynamics I just mentioned, shipping growth, more lease extensions and higher cancellations have been incorporated into our long term planning. Moving to the bottom line, segment EBIT was $113 million, a 7% improvement. EBIT margin improved 370 basis points, driven by both gross margin and expense improvement.
SendTech gross margin expanded by 240 basis points as a result of improvement in equipment gross margin, and more attractive mix of financing and business services, which are both higher margin revenue streams. Higher equipment gross margin were primarily driven by two items. First, we implemented several supply chain improvements earlier this year that have resulted in lower production and transportation costs. Second, in the quarter, we sold and installed a higher mix of more complex top of the line equipment, which often come with a higher margin profile. Moving to operating expense. Our efforts to streamline and simplify the business are also benefitting SendTech bottom line. SG&A as a percent of revenue improved 130 basis points, primarily as a result of our restructuring efforts.
We also continued to modernize our SMB client processes, which is driving more client interactions to lower cost channels, while improving the client experience. Of note in 2023 we saw the largest year-over-year improvement in net promoter score in the last decade. I’ll spend a moment on the performance of financial services inside of SendTech. Financial services remains an important component of the business, providing valuable client solutions and steady returns. Finance receivables grew $25 million, or 2% on a year-over-year basis. Within our receivable portfolio, net loan receivables grew $30 million and net lease receivables declined $5 million, in line with the product lifecycle dynamics I previously explained. We also continue to make progress on our previously announced program where our bank is participating in the financing of select captive lease receivables, an initiative that will be good for both the bank and the enterprise overall.
The health and quality of our portfolio continues to demonstrate the durability of our offerings. Delinquencies and write-offs continue to be low and roughly flat quarter-over-quarter. Next, let’s turn to Presort, which had another excellent quarter. Presort revenue grew 3% to $163 million and sorted 3.7 billion pieces. Revenue growth was driven by higher revenue per piece from pricing, more attractive mail class mix and better five digit store qualification. Adjusted segment. EBIT was $34 million in the quarter, up 17% versus prior year, a result of higher revenue per piece and continued focus on operational excellence. Our prior investments in automation, along with more efficient process management, continue to drive labor productivity, and offset annual increase in hourly wages.
More specifically, we drove a 9% year-over-year improvement in pieces fed per labor hour, which is the measure we use to track labor productivity. Looking forward, we continue to pilot new automation and technology that we can scale across our network to further improve labor productivity. In addition, over the past year, our team has optimized our transportation routes, which helped lower transportation cost year-over-year. Let’s shift to Global Ecommerce where our performance in peak reflects progress in execution and cost management. Segment revenue was $381 million, down 7% versus prior year. The change in cross border client relationships that occurred in the first half of the year continues to be a significant drag on year-over-year compares.
Specifically, cross border revenue and gross profit declined $49 million and $11 million respectively. Cross border performance has since stabilized and we expect compares to normalize in the second quarter of 2024. Domestic parcel volume grew 13% to $61 million in a challenging market. Volumes fluctuated during the quarter, with parcel volumes being softer than expected pre Black Friday, followed by a surge in December. Despite this, the team delivered sustained predictable cost and competitive service levels. While overall profitability still needs improvement, our ability to effectively manage these fluctuations reflects progress compared to the last three peaks, where we either missed on service or cost. Domestic parcel gross profit grew $3 million.
Higher volumes in the quarter resulted in better fixed costs leverage on both a year-over-year and sequential basis. As we move out of peak, we expect this benefit to be less in the first quarter as volumes are seasonally lower. Unit transportation costs also declined 17%. Better peak planning, route up to my station, higher utilization and lower fuel prices helped drive this improvement. Better unit costs continue to be partially offset by lower revenue per piece. Altogether, revenue per piece declined 6%. The market remains challenging from a pricing perspective as a result of excess capacity, evidenced by much lower peak surcharges across the industry. Beyond the market, client and parcel mix remains a headwind to revenue per piece. Adjusted segment EBIT improved $3 million to a loss of $20 million.
Lower operating expenses and improvement in domestic parcel economics drove higher EBIT, but as mentioned, were partially offset by the continued drag from the change in cross border client relationships. Important to note that operating expenses declined $8 million year-over-year, primarily due to cost reduction initiatives taken over the past three quarters. Moving on to Enterprise-wide restructuring. We made meaningful progress on our cost reduction plans in the quarter and are on track to deliver the previously communicated $75 million to 85 million annual run rate savings by end of 2024. In 2023, we realized $24 million in savings. As a reminder, the plan impacts cost and expenses across the business, including all three segments and unallocated corporate.
