everyone. you Thank good Ted, morning and
how sheet, number Before XXXX-XX, at on fiscal With of standard one the did of assets fiscal we were that I comp results. right-of-use reflected negatively XXXX that lease growth mention of statement account which XXXX. two results, it the our impact of we X.X% quarter first The to ASU not this last by we flows. sales first want year, of In a Versus comparing year. $XX statement XXXX, our income beginning for impacted are our sales first standard last through sheet. pertains to or weeks leases. the adoption move this through to new but weeks quarter, a materially adopted we our fiscal approximately now and calculation, on Under impacted liabilities stronger balance operating million first balance quarter cash our increase that are our from or total let's billion, total dollar against XX for quarter Recall U.S. X.X%. $XX.X XX discuss
the in of quarter comps in monthly April. in comps of X.X% and comps timing the positive March, X.X% for positive distorted company our of of Comps comps with quarter positive total in comps negative Easter for The a in the X% and of positive Our comps the March X% March by comps of our were were bit cadence in X.X% negative U.S. of positive with in February, positive the this Easter, shift X.X% comps for in X.X% in X.X% Adjusting and comps X% X.X% of was U.S. April. April. February, were year.
Craig, As notable you our primarily sales factors. growth heard our expectations quarter missed driven by from first two
First, a end that February of U.S. XX two reported the negative February. impact put negative performance. only To into the overlaps. By of comps had regions February comps. the regions weather perspective, to negative on weather our in however, And reported our quarter, impact hurricane-related was due XX
versus $XXX year, million. growth price lumber sales Second, last hurt approximately our deflation by
our from margin last February If lumber margin In have year-over-year you factors. a price closer to total XX.X%, impact gross ignore following XX our been The first and across in our company X.X%. was deflation, of comp the of change business the year. weather decrease quarter, points the gross reflects our basis would
change gross margin points caused mix in sold of XX of the First, products contraction. basis approximately
shrink ago chain the higher basis of basis caused XX.X%. six points year decreased one quarter, contraction. a operating than basis first as margin higher in sales XX approximately fulfillment expense gross and XX finally, by to resulted points And expense Second, contraction. In percent points of of supply
the performance plan of reflects strategic investment Our control. and expense operating our impact expense ongoing
of XX was basis to related expense million leverage. in or expenses drove offset increase expenses, and million expense over of year investment reflect Specifically, by basis $XX deleverage. our approximately BAU plan strategic deleverage last This operating business-as-usual which of points $XXX productivity points XX operating a
effective quarter due increase compared first was XX.X% of year the XXXX. expense and of $XXX XX.X% levels rate XX.X%, our to million, primarily first than ago. first long-term to higher by last other for the basis was X debt from points first one to an quarter tax quarter, In in the fiscal Interest the margin $XX year. grew operating million quarter for Our
tax not repeat. higher than rate quarter to tax state last due was first Our certain year that did settlements
tax rate approximately we XX.X%, line year in the effective with expect For our guidance. our to be
from Our earnings X.X% first were for of diluted last $X.XX, per share year. quarter the an increase
to Now moving some on additional highlights.
net inventory of per Selling During million store the count the XXX quarter the foot quarter feet. square end were stores for X.X were footage for at quarter, as an up of $XXX, sales opened for times, times as growth from quarter, X.X sales. spring At end inventory to year. resets, the down first X,XXX. two well year, the we was square last load-in an X.X% last turns of ending reflecting new the from square in early Total accelerate merchandising
For in be the year, our turns to we we expect flat to XXXX. what fiscal inventory reported
first average to Moving beginning debt the basis long-term stock. of the or invested higher on approximately on $X.XX than capital the trailing months, quarter the capital repurchased XX quarter, first was billion million fiscal on outstanding equity X.X allocation. shares XXXX. of ending and Computed XXX we XX.X%, return for and approximately In of points
remainder year. to the of Turning the
improvement different from we are drivers U.S. spend the and not on of in with you what back shared home February. the view Our economy fundamentally
The investments. Craig, be Nonetheless, seeing of place. GDP are have Unemployment it home The been continue is are changed And plan supportive benefit that lowest from strong. our spending, we has XXXX household and growth home as appreciation, existing their our as notably in age of stock drive rising. six was wages nearly the building our you from price are in decades quarter home U.S. improvement heard and expected, turnover, housing relevant factors together. since strategic the plan formation we First put to housing the outlook. of two metrics blocks
are that a increasing certain First, there was announcement to XX%. tariffs recent
result included these today's have in working not of through are tariffs the and them guidance. as a We impact
significant is are lumber Second immediate, and deflation prices. more we in seeing the
the XXXX. that forecasting inflation because today's to XX one results, You recall share price XXXX, which XXXX. we much fiscal today lumber model with XX quarterly happen at by If in what or comp at that are quarter will compare share deflation. When fiscal the we our lumber into guidance XXXX year, that call. and we includes not on sales sales through our growth out sales we earnings are weeks changing hamper we per will could XXXX GAAP, our growth sales mind, we fourth predict we fiscal not million. But for earnings fiscal fiscal and our against reaffirming our one sales the this earnings in per cannot guidance and $XXX guide does include two associated weeks are point our XXrd or so as report fiscal because XXXX we sales launch With remain from commodity plan laid as level, for week. will Remember guidance this that results quarter off reported in will earnings prices just prices through
fiscal For by increase approximately we sales, a comp on expect to XXXX, X%. calculated as XX-week basis,
We X.X%, of expect increase to last reflecting approximately XX sales year. weeks the by compare
approximately For XXXX share, per fiscal share earnings diluted to X.X% grow $XX.XX. expect per to we earnings
plan repurchase outstanding earnings Our includes year. shares per guidance to $X billion the share our of during approximately
participation thank you to now today's and your we in So take call we questions. for are ready
