Comparable sales are expected to grow in the low single digit range for the full year. Full year brick and mortar comparable sales are expected to grow in the low single digit range, while full year e-commerce revenue growth is anticipated in the high single digit range. It is anticipated that total comparable sales in the first half of the year will increase in the low to mid-single digit range and will be flat to up low single digits in the second half of the year. Net new store growth is expected to be in the range of 40 to 50 stores. We anticipate that fiscal 2024 will be more promotional than the prior year. In addition to higher mix of e-commerce sales, intermittent supply chain challenges and inflationary pressures on some elements of store occupancy costs will result in anticipated gross margin decline of approximately 20 to 30 basis points compared to fiscal ’23 results.
The projected full year gross margin rate of 34.9% to 35.0% as a percentage of net sales exceeds pre-pandemic levels. SG&A as a percent of net sales is expected to increase by approximately 40 to 50 basis points in comparison to the fiscal ’23 results due to new store growth, wage inflation and increased incentive compensation costs and higher data and transaction processing fees. The expected full year SG&A expense range of 23.2% to 23.3% of net sales is favorable to pre-pandemic levels as well. SG&A as a percent of sale will vary depending on the quarter as higher sales volumes allow us to more effectively leverage the fixed cost components of SG&A. Operating margin for the year is expected to be in the range of 9% to 9.3% of net sales, also remaining above pre- pandemic levels.
We do not expect operating margin as a percent of sales to vary significantly between the first half and second half of the year. And looking more specifically in the first half of the year, we anticipate first quarter operating profit percentage will be similar to the first quarter of fiscal ’23, while the second quarter will be a more challenging comparison to the prior year. Additional operating margin guidance for the third and fourth quarter will be provided at a later date. It is anticipated that there will be debt outstanding on our line of credit for a majority of the year. We believe borrowings will be more significant in the first half of the year as current inventory levels are not expected to decline significantly until after the back to school season.
Interest expense for the full year is projected to be approximately 25 to 30 basis points of net sales. Diluted earnings per share is anticipated to be in the range of $9.50 to $10 using an estimated full year tax rate of 24% and an estimated weighted average diluted share count of 12.7 million shares. We are projecting capital expenditures in the range of $60 million to $70 million, with the largest allocation focused on new store growth, remodels, relocations, new store signage and improving our customer experience. Our capital allocation strategy continues to include share repurchases and recurring dividends in addition to the capital expenditures noted above. That concludes our prepared remarks. Operator, please open the lines for questions.
Operator: Thank you. . Our first questions come from the line of Sam Poser with Williams Trading. Please proceed with your question.
Sam Poser : Thanks for taking my questions. Just a little – I have a couple. Just a little color on the inventory. It sounds to me, just based on what you said Jared, it sounds like the apparel inventory is €“ are you heavier in apparel right now, than in Footwear relative to need. Is that accurate?
