Based on its first quarter results and updated assumptions, the Company is raising its diluted EPS range to $1.76 to $1.80, an increase of 23% to 26% year over year. The Company's updated outlook translates to diluted EPS of $1.25 to $1.29 for the remaining three quarters of the year, the low end of which is in line with the current analyst consensus estimate of $1.25. For the remaining three quarters of the year, the Company does not expect to produce the same level of year-over-year earnings growth as in the first quarter due to a greater year-over-year increase in pre-opening and relocation expenses of approximately $14 to $17 million, a greater negative change in LIFO of approximately $10 to $11 million year over year, and lower total sales growth on tougher comparisons, which could make it difficult to leverage costs to the extent the Company did in the first quarter. In addition, while G&A expenses are still expected to average 3.0% of sales for the year, the Company expects higher costs in the second quarter due mainly to increases in wages and investments in other initiatives.The Company is committed to producing positive free cash flow on an annual basis, including sufficient cash flow to fund the 56 stores in its current development pipeline. The following table provides information about the Company's estimated store openings through 2014 based on this pipeline. These openings reflect estimated tender dates, which are subject to change, and do not incorporate any potential new leases, terminations or square footage reductions.
|Total Openings||Relocations||Average Square Feet per Store||Ending Square Footage 1||Ending Square Footage Growth 1|
|FY11 remaining stores in development||14||5||40,000||11,847,500||5%|
|FY12 stores in development||20||1||35,100||12,527,700||6%|
|FY13 stores in development||18||2||37,100||13,131,200||5%|
|FY14 stores in development||4||0||46,300||13,316,300||1%|