|
Consolidated Statements of Cash Flows - 4Q 2007 (Unaudited)
(millions)
| |
52 Weeks Ended |
53 Weeks Ended |
| |
February 2, 2008 |
February 3, 2007 |
| Cash flows from continuing operating activities: |
| Net income |
$893 |
$995 |
Adjustments to reconcile net income to net cash
provided by continuing operating activities: |
| (Income) loss from discontinued operations |
16 |
(7) |
| Gains on the sale of accounts receivable |
– |
(191) |
| Stock-based compensation expense |
60 |
91 |
| May integration costs |
219 |
628 |
| Depreciation and amortization |
1,304 |
1,265 |
Amortization of financing costs and premium on
acquired debt |
(31) |
(49) |
| Gain on early debt extinguishment |
– |
(54) |
| 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 |
28 |
207 |
| (Increase) decrease in merchandise inventories |
256 |
(51) |
| (Increase) decrease in supplies and prepaid expenses |
33 |
(41) |
Decrease in other assets not separately
identified |
3 |
25 |
Decrease in accounts payable and accrued
liabilities not separately identified |
(553) |
(841) |
| Increase (decrease) in current income taxes |
14 |
(139) |
| Decrease in deferred income taxes |
(2) |
(18) |
Increase (decrease) in other liabilities not
separately identified |
(9) |
12 |
| Net cash provided by continuing operating activities |
2,231 |
3,692 |
| |
| Cash flows from continuing investing activities: |
| Purchase of property and equipment |
(994) |
(1,317) |
| Capitalized software |
(111) |
(75) |
| Proceeds from the disposition of After Hours Formalwear |
66 |
– |
| Proceeds from hurricane insurance claims |
23 |
17 |
| Disposition of property and equipment |
227 |
679 |
| Proceeds from the disposition of Lord & Taylor |
– |
1,047 |
Proceeds from the disposition of David's Bridal and
Priscilla of Boston |
– |
740 |
| Repurchase of accounts receivable |
– |
(1,141) |
| Proceeds from the sale of repurchased accounts receivable |
– |
1,323 |
Net cash provided (used) by
continuing investing activities |
(789) |
1,273 |
| |
| Cash flows from continuing financing activities: |
| Debt issued |
1,950 |
1,146 |
| Financing costs |
(18) |
(10) |
| Debt repaid |
(649) |
(2,680) |
| Dividends paid |
(230) |
(274) |
| Decrease in outstanding checks |
(57) |
(77) |
| Acquisition of treasury stock |
(3,322) |
(2,500) |
| Issuance of common stock |
257 |
382 |
Net cash used by continuing
financing activities |
(2,069) |
(4,013) |
| |
| Net cash provided (used) by continuing operations |
(627) |
952 |
| |
| Net cash provided by discontinued operating activities |
7 |
54 |
| Net cash used by discontinued investing activities |
(7) |
(97) |
| Net cash provided (used) by discontinued financing activities |
(1) |
54 |
| Net cash provided (used) by discontinued operations |
(1) |
11 |
| |
| Net increase (decrease) in cash and cash equivalents |
(628) |
963 |
| Cash and cash equivalents at beginning of period |
1,211 |
248 |
| |
| Cash and cash equivalents at end of period |
$583 |
$1,211 |
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Consolidated Financial Statements:
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