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The effective income tax rate for the first quarter of fiscal 2020 was 30.3% as compared to 12.8% for the same period in fiscal 2019.
Footwear is organized by category and brand, creating strong brand statements within the aisles. We undertook a number of actions during the quarter to mitigate the financial impact of the COVID-19 pandemic, preserve capital and keep our customers and employees safe.

The worst customer service I have EVER had, does no good to call their online customer service line. Net loss for the quarter ended May 2, 2020 was $16.2 million, or $1.16 per diluted share, compared to net income of $13.9 million, or $0.91 per diluted share, for the quarter ended May 4, 2019. However, in the first quarter of fiscal 2020, normal seasonal effects were completely overshadowed by the temporary closure of our stores effective March 19, 2020 due to the COVID-19 pandemic. The following table sets forth our results of operations expressed as a percentage of net sales for the periods indicated: Our cash inflows from financing activities have represented purchases under our Employee Stock Purchase Plan and borrowings under our credit facility. During the first quarter of fiscal 2020, we expended $3.2 million for the purchase of property and equipment, primarily related to investments in technology and normal asset replacement activities. Our primary uses of cash are working capital needs, which are principally inventory purchases, store initiatives, dividend payments, the financing of capital projects, including investments in new systems, and various other commitments and obligations. Information regarding COVID-19 Coronavirus Pandemic ("COVID-19") Do the numbers hold clues to … MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The new merchandise planning system will provide a unified strategic planning and budgeting process that is supported by various solutions, including strategic and assortment planning, store allocation and replenishment and in-season management.
. Credit card charges decreased approximately $0.5 million as a result of our reduced net sales. During the first quarter of fiscal 2019, we expended $9.2 million for the purchase of property and equipment, of which approximately $7.0 million was for the purchase of our corporate headquarters and the remainder was for continued investments in technology and normal asset replacement activities. We continued to recognize lease expense on a straight-line basis in accordance with Generally Accepted Accounting Principles; Our objective is to be the destination retailer-of-choice for value-priced, on-trend branded and private label footwear. In addition, the first quarter of fiscal 2019 included a $1.9 million, or $0.13 per diluted share, tax benefit related to the vesting of stock-based compensation that did not recur in fiscal 2020. We are committed to implementing best practices in these areas and believe these enhanced systems will enable us to meet the complex demands of multi-channel fulfillment, position us for long-term growth and enhance customer satisfaction and convenience in an increasingly competitive environment. Discover amazing deals on brand-name shoes, boots, sandals, and sneakers for the whole family. 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. Gross profit decreased $43.7 million, or 58.1%, for the quarter ended May 2, 2020, compared to the quarter ended May 4, 2019. This credit lowered our payroll tax expense to support wages paid to our employees while they were not working. Our signage may highlight a vendor's product offerings or sales promotions, or may highlight seasonal or lifestyle statements by grouping similar footwear from multiple vendors. We also recorded a $2.3 million impairment charge on long-lived assets for seven underperforming stores. A similar customer experience is reflected in our e-commerce site and mobile app through special promotions and limited time sales. We use judgment in reporting our financial results.

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