second quarter Thanks, full our guidance will then with for results good the and everyone. afternoon, year. provide quarter I Joel, begin remarks and my a and the first review of
first more than the in Joel April As was said, quarter expected. challenging we
we cycle an consumers macro while record the of uncertain stimulus impact amid high As large environment, payments inflation. experienced
the $XXX.X in from first quarter sales the X% $XXX.X million XXXX. for increased reported to Our XXXX million first quarter of of
of of stores the we of open growth in XXXX. sales a XXXX increased of outsized performance calls, the a or our first impact and XXXX term first in have decreased and on impact measure our on X.X% COVID annual is in both for X.X% X.X% from results we comp the X.X%. given with quarter XXXX, earnings the decrease meaningful to fiscal three-year of near decrease the quarter As of said that of a comp a XXXX transaction compound to Comparable set the pre-pandemic XX%, versus XXXX of compare comparable stimulus in Sales ticket rate. in results quarter previous and the by first believe
expenses. first stores of versus our strong, to new XX approximately gross increase XXXX. have increasing stores stores quarter opened XX% of last or end compared the XX XX an states and of was seen the the points to operating our stores reopening stores, line in quarter remainder which be ended quarter We with approximately margin average declined of in the margin XXXX stores of when In XXXX, guidance, opened first We quarter our the As XXXX. the over with continues first quarter versus XXX with ticket XXX across new in compared in at first X,XXX to since basis in we SG&A X.X%, the one-third decline the X,XXX XX% year.
a operating in comparison million the to the As quarter pre-pandemic was these with $XXX.X the were in of $XXX.X first million of first XXXX. versus first for Gross XXXX. a quarter profit quarter of line margin period XXXX results
decreased As XXX basis points on by XX.X%, by primarily expected driven comp. fixed deleverage approximately gross margin negative the to cost
XXXX SG&A sales, expenses quarter first the percentage to a increased XXX As basis of for of XX.X%. points approximately
a cost primarily as of store wages higher deleverage, expenses fixed sales last than SG&A higher expected, percent marketing. by increased driven year, As were and
income compared XX.X% Earnings quarter of quarter approximately XX.X% last first share first a compared earnings in the the per was to the accounting of approximately quarter was share-based quarter year. $X.XX million for Net quarter We share quarter to $XX.X million for $X.XX. rate was for diluted of the year. tax net benefit the per income to a last $X.XX first effective versus had $X.XX Our of first in year's benefit this first year XXXX of XXXX diluted $XX.X XXXX. the in last of compared of first
of versus of with the a first to outstanding sheet. investments of no Inventory cash, per year-over-year. increased the compared last equivalents of our year. $XXX per million line XXX,XXX quarter increase. first drove higher was Average Average in looking fiscal $XXX debt, at last total million. first a Accelerated approximately approximately inventory the year. nothing quarter units the the repurchased end $XXX XXXX XX% including and XX% the to the as of quarter and receipts cost first end and shares Now at approximately million We first at costs a inbound credit. year-over-year balance on the We quarter approximately freight in on million our cash ended quarter million basis basis $XX store merchandise $XXX inventory store increased of on
be with and inventory demand opportunistic so purchasing in previously are that remain are and and makeup well Joel environment. of disciplined customer the season. we supply for in can selling pleased dynamic we our positioned level our preferences, the chain a We mentioned, summer our flexible As inventory chase and and trends adjust
guidance. on Now to
our XXXX As we Day we unique several reasons. March, stated Investor year at in for expect to be
First, lapping significant government stimulus.
supply uncertain strong pandemic pressures, the costs. cycling inflationary impacts openings; Second, a residual multiple of with merchandise ongoing on chains Third, store And trends. and primarily very fourth, especially environment fuel year
prudent QX performance QX believe sales it in date, we to trends Given our adjust our outlook. is to
the for expenses. At negative to tax X%. We A opening new million. driven the sales for expenses. that $XXX quarter freight levels, by primarily from $X.XX approximately with both in XXX XX of of basis second between points first wages $XX had over costs, last and $XXX expect SG&A guidance approximately income negative store marketing EPS guidance, Comps and this margin to includes planned profit of year, XX% increase to diluted effective be gross deleverage operating $X.XX. stores, Net second to Our higher quarter million due rate. operating between $XX unanniversaried quarter midpoint originally to decline moderated million down million of we and a margin X%
margin to the However, in we deleverage now quarter. first lower operating a decline larger sales the due on cost outlook, expect then fixed
marketing higher Our basis assumes for expenses originally fixed year-over-year than increased of an decline sales cost margin approximately lower and and spend. points, store outlook due deleverage, current QX planned to XXX operating primarily
will overall fourth economic and outlook out As consumers have customer the look that specifically periods. current further during as be seen to value, our we looking our assumes for better the past we quarter, in more difficult
improvement QX effective and store and position more For we QX, stocks, expanded leverage. currently drive the Beyond in an inventory sales still year-over-year increased we in and including of expect from QX QX, expect believe factors in an penetration significant will improved year-over-year and improvement We assortment merchandise Five marketing. sales several levels operating count, trends and
sales our rate. of X% range year sales is guidance. we versus expect versus approximate is the For full previous or $X.XX compound fiscal of approximately XX% of billion, of to an XXXX, a now annual approximately reduction $X.XX growth year sales XXXX an full The XX% which billion total fiscal increase
in for XXXX, subset our XXXX the For a expect comps X%, is results. of open mentioned flat with assumes we to also which the for XXXX increase approximate and fiscal same in stores first line range in XX% I XXXX similar quarter which an negative comparison, of
also rate $X.XX. million, XX%. of and We $X.XX in of an expect to effective range of $XXX $XXX million to income Net tax diluted EPS the
margin expect of We XX.X% decline marketing a year costs midpoint normalized from with operating of the spend. about driven expenses on and primarily last more at a deleverage versus higher by guidance SG&A fixed
more over our plan the an years, prototype, and XX% and our new still for including focused tenant that staying now vision executing is a gross to XXXX, next second amazing ever of infrastructure. value than stores, something sales million will closing, our new to still customers, over the to And fiscal $XXX while plan openings in manage plan we the on XXX Five open approximately XX approximately approximately to Beyond center to new new In XXX and open systems important before. primarily targets. CapEx, excluding We and in stores. in XXX stores conversions long-term experience For and opening in we Two great structure in spend the to XXX approximately with year, delivering we spend committed opening allowances for January. And remain and even profitability distribution continue between of investing exceptional and Indiana discipline cost we half new
to to to begin related that, results, over release. with details Operator? press other refer our earnings the our Q&A. For concludes remarks. our turn please to And That it operator I'll