|
Consolidated Statements of Cash Flows - 3Q 2007 (Unaudited)
(millions)
| |
39 Weeks Ended |
| |
November 3, 2007 |
October 28, 2006 |
| Cash flows from continuing operating activities: |
| Net income |
$143 |
$262 |
Adjustments to reconcile net income to net cash
provided by continuing operating activities: |
| (Income) loss from discontinued operations |
16 |
(34) |
| Gains on the sale of accounts receivable |
- |
(191) |
| Stock-based compensation expense |
48 |
73 |
| May integration costs |
150 |
451 |
| Depreciation and amortization |
977 |
945 |
Amortization of financing costs and premium on
acquired debt |
(24) |
(48) |
| Changes in assets and liabilities: |
Proceeds from the sale of proprietary accounts
receivable |
- |
1,860 |
Decrease in proprietary and other accounts
receivable not separately identified |
57 |
235 |
| Increase in merchandise inventories |
(1,695) |
(1,757) |
| Increase in supplies and prepaid expenses |
(10) |
(58) |
| Decrease in other assets not separately identified |
2 |
18 |
Increase in accounts payable and accrued
liabilities not separately identified |
948 |
560 |
| Decrease in current income taxes |
(328) |
(305) |
| Decrease in deferred income taxes |
(17) |
(36) |
Increase (decrease) in other liabilities not
separately identified |
18 |
(4) |
Net
cash provided by continuing
operating activities |
285 |
1,971 |
| |
| Cash flows from continuing investing activities: |
| Purchase of property and equipment |
(700) |
(804) |
| Capitalized software |
(81) |
(61) |
| Proceeds from the disposition of After Hours Formalwear |
66 |
- |
| Proceeds from hurricane insurance claims |
1 |
7 |
| Disposition of property and equipment |
96 |
494 |
| Proceeds from the disposition of Lord & Taylor |
- |
1,047 |
| Repurchase of accounts receivable |
- |
(1,141) |
| Proceeds from the sale of repurchased accounts receivable |
- |
1,323 |
Net cash provided (used) by continuing
investing activities |
(618) |
865 |
| |
| Cash flows from continuing financing activities: |
| Debt issued |
2,918 |
46 |
| Financing costs |
(18) |
(1) |
| Debt repaid |
(647) |
(1,521) |
| Dividends paid |
(173) |
(208) |
| Increase in outstanding checks |
65 |
105 |
| Acquisition of treasury stock |
(3,003) |
(1,118) |
| Issuance of common stock |
256 |
352 |
Net
cash used by continuing
financing activities |
(602) |
(2,345) |
| |
| Net cash provided (used) by continuing operations |
(935) |
491 |
| Net cash provided by discontinued operating activities |
7 |
79 |
| Net cash used by discontinued investing activities |
(7) |
(78) |
| Net cash provided (used) by discontinued financing activities |
(1) |
31 |
| Net cash provided (used) by discontinued operations |
(1) |
32 |
| |
| Net increase (decrease) in cash and cash equivalents |
(936) |
523 |
| Cash and cash equivalents at beginning of period |
1,211 |
248 |
| |
| Cash and cash equivalents at end of period |
$275 |
$771 |
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Consolidated Financial Statements:
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