We have suspended repurchases under our share repurchase program to preserve liquidity during the COVID-19 pandemic. At this time, considerable uncertainty exists regarding how the COVID-19 pandemic may affect the back-to-school and Christmas peak shopping seasons. This hosted, cloud-based platform is a multi-year project that includes a complete range of critical financial planning functions that will enhance the efficiency and effectiveness of our merchandise buying process.

The primary reason for the change in our effective tax rate was the $1.9 million tax benefit related to the vesting of equity-based compensation recognized in the first quarter of fiscal 2019. Our website and mobile app continued to accept orders after March 19, 2020 and e-commerce sales increased significantly as customer buying habits shifted to our online channel. During the quarter we did not furlough any employees. The decrease in net sales was primarily due to the temporary closure of our brick-and-mortar stores for approximately 50% of the quarter as a result of the COVID-19 pandemic. As guidance and mandates from governments and health officials continue to evolve, closures of our stores may continue or increase, and sales, including e-commerce sales, may be reduced.
There's a surprise in store at Shoe Carnival! Share-based compensation expense decreased approximately $0.9 million because fewer awards were outstanding during fiscal 2020 and awards granted in the first quarter of fiscal 2020 were issued at a lower share price and vest over a longer period. Our accounting policies that require more significant judgments include those with respect to merchandise inventories, valuation of long-lived assets, leases, insurance reserves and income taxes.

For a fun and exciting shopping experience, check out Shoe Carnival, located at 4125 Phoenix Ave in Fort Smith, AR.

Capital expenditures for fiscal 2020, including actual expenditures during the first quarter, are expected to be $15 million to $20 million, with approximately $8 million to $10 million to be used for new stores, relocations and remodels and approximately $2 million to $3 million for upgrades to our distribution center. Comparable store sales for the periods indicated include stores that have been open for 13 full months after such store's grand opening prior to the beginning of the period, including those stores that have been relocated or remodeled. We continue to closely monitor and manage the impact of the COVID-19 pandemic, and the safety and well-being of our customers, employees and business partners remains our primary concern. We also recorded a $2.3 million impairment charge on long-lived assets for seven underperforming stores. E-commerce sales increased over 160% year-over-year as our customers began to use that sales channel more frequently. We believe our distinctive shopping experience gives us various competitive advantages, including increased multiple unit sales; the building of a loyal, repeat customer base; the creation of word-of-mouth advertising; and enhanced sell-through of in-season goods. Temporarily reduced the base salaries of our executives and other senior members of the management team and the annual cash retainer fee of the Board of Directors and delayed the implementation of wage increases for certain employees; Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to provide information to assist the reader in better understanding and evaluating our financial condition and results of operations. shop the best brands in athletics, sandals, casuals shoes, dress shoes, boots, dance shoes and Safe-T-Step for women, men, girls and boys at Payless Online Store. Online Only! The primary factors causing the decrease were as follows: As a percentage of net sales, gross profit decreased to 21.3% compared to 29.6% in the first quarter of fiscal 2019. Prior to March 12, 2020 when we began experiencing the effects of the COVID-19 pandemic, our comparable sales had increased 3.9% compared to the same period in the prior year. Implemented new health and safety procedures at our stores, corporate headquarters and distribution center. We were in compliance with these covenants as of May 2, 2020. Earn a point for every dollar you spend and receive exclusive benefits. First I placed an order on 9/12/14, they neglected to tell me or email me why they only shipped one pair of the two shoes I ordered. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Net sales were $147.5 million during the first quarter of fiscal 2020, a 41.9% decrease over the prior year's first quarter net sales of $253.8 million. Gross profit margin for the first quarter of fiscal 2020 decreased to 21.3% compared to 29.6% in the first quarter of fiscal 2019.
The resources allocated to these projects are subject to near-term changes depending on the impacts associated with the COVID-19 pandemic. As amended, the Credit Agreement allows for borrowing up to $100.0 million, an increase from the previous credit limit of $50.0 million.

The credit facility is now collateralized by our inventory. This judgment involves estimates based in part on our historical experience and incorporates the impact of the current general economic climate and company-specific circumstances.

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