A product shipping and display tray made from a unitary blank is provided. The tray comprises one and preferably two expandable side panel assemblies to take up additional shelf space if desired. Each side panel assembly comprises an intermediate side panel extending forward from a rear panel, an inner side panel in flat, abutting relationship to the inner facing surface of the intermediate side panel, and an outer side panel rotatably attached to the inner side panel along a front vertical edge. Each outer side panel is moveable between a first position in which the outer side panel is in a flat, abutting relationship to the intermediate side panel and a second position in which the outer side panel is rotated outwardly away from the intermediate side panel.