good you, morning, Thank Ted. And everyone.
change a discuss first quarter accounting policy. want results, in mention I we our Before to our
private changes adopted we ASU account This recognition. to which quarter, for related items and standard gift the label way the card number revenue credit card pertains to certain During we our programs. XXXX-XX,
impact no items it on profit. changes the standard our While statement, the geography certain has income on of operating new
gross Looking million million that first a goods in net million was a of at in profit corresponding driven and the accounting gross Note in million $XX million increase increase cost $XXX a increase expenses. decrease results, $XX quarter in to sales profit our caused $XXX to a $XXX change by the and operating increase sold.
financial that not had to is the been reflect if fiscal in change, in to impact standard forma we shows Pro a accounting did to during XXXX. While historical the recast statements included accounting today's view our it release this quarterly press place as
weaker from X.X%. $XX.X our first that, In Versus quarter were or million So sales to move year, of increase impacted $XXX a with year. results. growth sales US dollar last total by positively X.X% the last first total on let's quarter, an billion, approximately
April. X.X% March with the positive positive X.X% in in February, quarter X% in X.X% X.X% comps US April. X.X% in X.X% X.X% total Comps comps March positive of the for for positive were were in and in the Our in February, quarter of company and comps with
months XX.X%, As due experienced, the first in margin basis reflects our and increase from standard. year-over-year experienced margin quarter, more was of you coldest gross gross following to XX points points XX-years. an year. snowiest one or basis increase our we of the gross $XXX expansion The accounting have new last was First, In margin million April than factors: may the the of personally XX in
we acquisitions. gross changes basis expansion and Second, of gross due XX mix the benefit margin experienced recent margin to points of in
points experienced we In higher year. than basis basis experienced XX%. the of to by we gross XX higher last points first sales, shrink in operating and due contraction Finally, as what increased to expense costs of quarter, supply XX percent our margin a chain transportation
Our the conference our the reflects investor the impact of and laid out of strategic new accounting the control. ongoing standard, we investment expense operating plan expense December at impact
in operating of a operating new basis resulted related expense resulted in the XX operating Expenses deleverage. cost XX basis points approximately plan to of increase expense standard investment in our our Specifically, strategic $XXX accounting million and deleverage. points expenses
in leverage XX expense to productivity Finally, ongoing of due points business. basis we drove core actions the
last from points for quarter of first XX.X%, operating Our the basis margin a year. was decrease XX
decreased reflects our For expense quarter, to effective effective $XXX XXXX. rate was tax The the in tax quarter fiscal interest in of reform. XX.X% the for million our and tax XX.X% other rate and $X by decrease of the first part, benefit to most the million compared
effective the For we approximately be year, to our tax expect XX%. rate
for from $X.XX, first per the quarter year. Our share earnings were of last increase diluted XX.X% an
on highlights. to some additional Moving
we last at for footage square During store of At for foot merchandise the X.X an store the turns was year. from ending Volume times, quarter quarter, X% were Connecticut from first inventories count opened square the Stamford, $XXX, million year. up slightly Total in up last up from sales Inventory the quarter, new billion, the were the square feet. per end one end XXX of X,XXX. quarter year. of last $XX.X were X.X%
reluctive our are she month as company, thing inventory bride, May and necessary has which meet have stores for our a sales the double-digit is a arrived, was the to demand, positive. spring date, comp good While to
approximately quarter, outstanding Moving $X of In the billion on shares capital to allocation. stock. X.X or million first we repurchased
fiscal are points quarter $X return XX first fiscal average and XX%, invested XXXX. higher and share long-term of months, ending XXXX. As the XXX debt of on the today, equity billion for of capital basis than beginning on for targeting repurchases trailing we the of approximately Computed was
reaffirming lowest we what economy to it is laid adjusting guide look for will year, interest housing the out been and of and earnings The the Remember standard. certain the items be The not by call, accounting US since fourth rates are are of year. XXXX fundamentals off we are will Recall we change economy. earnings rates prices XXXX. has gross strong include guidance we gave the Unemployment business. per remainder housing a or while do our will As that sales quarter the seeing sales share shortage and of the our our the affect supportive environment. week, Wages margin guidance, and that expense to housing expect we are we growth why increasing. the demand. levels, by will void indicative growth interest a we the is in are earnings consist beginning weeks. but GAAP. today, At and this guidance in solely and at broader that growth fiscal continue rising, XXrd US, economic factor to a customer new is Home in standard in of impact XX strong these it the of lead are fiscal desires slowdown per quarter share so XXXX of at of accounting we a appreciating, encouraged the fourth That's to not
X.X% gross comps on margin new accounting X%. our points. expect approximately expect to our we XXXX, XXXX we expect growth reflecting now by rate. grow standard, operating sales to approximately the basis accounting increase Also XXXX with basis we XX fiscal the XXX% For standard, a of approximately positive our XX of week by at now expenses new approximately to calculated increase as Reflecting sales now
change I the targets. XXXX For brief long-term for earnings XX% The a sales to standard approximately we financial share call. an our accounting we posted our $X.XX. investor per are grow targets for your to on December Because growth our take income did website comment I'd new on today's to that, on modeling. affect to your XXXX. diluted margin expect the earnings have operating with want per certain items thank does fiscal now we you conference moment assist change materials to or not fiscal accounting to And for share, update the ready And to our with statement, geography of like participation also questions. Katharine, you in
