In addition, The Toro Foundation contributed $500,000 to organizations supporting families and communities most directly affected by the pandemic.
Our results this quarter were net sales sales of $929 million, down 3.4% from the prior year, primarily due to reduced Professional segment retail demand as a result of COVID-19.
We reported adjusted diluted earnings per share of $0.92, down 21.4% from the prior year.
To provide specific information by business segments, in the Professional segment, total net sales were $661 million, down 8.6%.
In the Residential segment, sales were up 12.9% in the second quarter.
Regarding operations, all of our facilities are currently open with some operating at reduced capacity.
We reported net sales of $929 million in the quarter, a 3.4% decrease from the second quarter of fiscal 2019.
Diluted earnings per share was $0.91 for the quarter compared to $1.07 last year.
Adjusted diluted earnings per share was $0.92, down 21.4% compared to the second quarter of fiscal 2019.
For the first six months of fiscal 2020, net sales increased 8.4%.
Diluted earnings per share was $1.55 compared to $1.62 in the first six months of fiscal 2019.
Year-to-date adjusted diluted earnings per share was $1.56 compared to $1.69 a year ago.
Back in March, we entered into a three-year term loan agreement for $190 million.
With the funding of this new term loan, the company now has liquidity of approximately $800 million including cash and cash equivalents of $200 million and availability under our revolving credit facility of approximately $600 million.
For the second quarter, Professional segment net sales decreased 8.6% to $661 million.
The top line benefited from the Charles Machine Works and Venture Products acquisitions which together added incremental net sales of $142 million.
For the year-to-date period of fiscal 2020, net sales increased 6.6% compared to the same period of fiscal 2019.
Professional segment operating earnings for the second quarter decreased 29.2% to $106 million, reflecting a 460 basis point decline in segment operating earnings as a percent of sales, primarily due to manufacturing variance as a result of COVID-19 related facility closures and social distancing initiatives, incremental marketing, engineering and administrative costs as a result of the Charles Machine Works and Venture Products acquisitions, higher warranty expense and unfavorable product mix.
Year-to-date Professional segment operating earnings declined 12.3% compared to the same period in the prior fiscal year.
Professional segment operating earnings decreased 360 basis points to 16.6%.
Residential segment net sales for the second quarter were up 12.9% $262 million, mainly driven by incremental shipments of zero turn riding and walk power mowers to the expanded mass retail channel as well as strong retail demand.
Year-to-date fiscal 2020 net sales increased 13.4% compared to the same period of fiscal 2019.
Residential segment operating earnings were up 68.5% to $37 million.
This reflects a 470 basis point year-over-year increase in segment operating earnings to 14.2%.
Year-to-date Residential segment operating earnings increased 67.2% to $58.7 million.
On a percent of sales basis, segment earnings increased 440 basis points to 13.7%.
We reported gross margin for the second quarter of 33%, a decrease of 40 basis points over the prior year period.
Excluding acquisition-related charges and one-time costs associated with the inventory writedown of the Toro branded underground business, adjusted gross margin decreased 100 basis points to 33.4%.
For the first six months of fiscal 2020, gross margin was 35.1% compared with 34.3% in the prior year period.
Adjusted gross margin was 35.3% compared with 34.9% in the first six months of fiscal 2019.
SG&A expense as a percent of sales increased 40 basis points to 19.5% for the quarter due to incremental marketing and engineering costs as a result of the Professional segment acquisitions as well as higher warranty expense.
SG&A expense as a percent of sales for the first six months of fiscal 2020 was 22.3%, up 130 basis points from the prior year period.
Operating earnings as a percent of net sales decreased 80 basis points to 13.5% for the second quarter.
Adjusted operating earnings as a percent of net sales decreased 240 basis points to 14%.
For the first six months of fiscal 2020, operating earnings as a percent of net sales were 12.8% compared to 13.3% a year ago.
Adjusted operating earnings as a percent of net sales for the first six months of fiscal 2020 were 13.1% compared with 14.7% a year ago.
Interest expense increased $2 million and $5.4 million for the second quarter and year-to-date, respectively, compared to a year ago.
For the full year, we anticipate interest expense of about [Phonetic] $34 million.
The effective tax rate was 18.9% for the second quarter and the adjusted effective tax rate was 20%.
For the first six months of fiscal 2020, the effective tax rate was 18.8% and the adjusted effective tax rate was 20.4%.
For the full year, we anticipate an adjusted effective tax rate of about [Phonetic] 20.5%.
Accounts receivable totaled $400 million.
This was down 6.6% from a year ago as a result of lower professional segment sales at the end of the second quarter, driven by reduced demand due to COVID-19.
Inventory was up 16.8% to $714 million from a year ago, primarily due to higher finished goods in our Professional segment due to COVID-19 related sales reduction, increased raw materials and work in process as a result of production downtime due to facility closures and production inefficiencies and incremental inventories from Venture Products.
Accounts payable decreased 16.4% to $327 million from a year ago.
We expect depreciation and amortization for fiscal 2020 of about $100 million which includes approximately $3 million of fair value step-up related to the acquired inventory from Venture Products.
We are now estimating lower capital expenditures of $80 million versus our prior expectation of $100 million.
As a result of the many and evolving COVID-19 related factors we discussed today and more that could emerge, should the current economic climate extend for a prolonged period, we do not have the ability to predict its impact on our businesses and financial results.
At this point, based on current information regarding the global economic outlook, the company expects the most pronounced year-over-year sales and earnings per share percentage declines in the third quarter of fiscal 2020.
We also expect negative year-over-year fourth quarter sales and earnings per share growth.

Summary:
We reported adjusted diluted earnings per share of $0.92, down 21.4% from the prior year.
Regarding operations, all of our facilities are currently open with some operating at reduced capacity.
Diluted earnings per share was $0.91 for the quarter compared to $1.07 last year.
Adjusted diluted earnings per share was $0.92, down 21.4% compared to the second quarter of fiscal 2019.
As a result of the many and evolving COVID-19 related factors we discussed today and more that could emerge, should the current economic climate extend for a prolonged period, we do not have the ability to predict its impact on our businesses and financial results.
At this point, based on current information regarding the global economic outlook, the company expects the most pronounced year-over-year sales and earnings per share percentage declines in the third quarter of fiscal 2020.
We also expect negative year-over-year fourth quarter sales and earnings per share growth.