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The TJX Companies, Inc.
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The TJX Companies, Inc.
| Fiscal Year Ended | |||
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| January 31, | January 25, | January 27, | |
| In Thousands | 1998 | 1997 | 1996 |
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| (53 weeks) | |||
| C a s h f l o w s f r o m o p e r a t i n g a c t i v i t i e s : | |||
| Net income | $ 304,815 | $ 363,123 | $ 26,261 |
| Adjustments to reconcile net income to net cash | |||
| provided by operating activities: | |||
| (Income) from discontinued operations, | |||
| net of income taxes | - | (29,361) | (9,710) |
| (Gain) loss on disposal of discontinued operations | - | (125,556) | 31,700 |
| Extraordinary charge | 1,777 | 5,620 | 3,338 |
| Depreciation and amortization | 124,891 | 126,830 | 79,232 |
| (Gain) on sale of other assets | (5,992) | - | - |
| Property disposals and asset write-downs | 18,778 | 25,399 | 3,489 |
| Other, net | 2,064 | (732) | (382) |
| Changes in assets and liabilities, net of | |||
| effect of acquisitions and dispositions: | |||
| (Increase) in accounts receivable | (3,460) | (2,131) | (233) |
| (Increase) decrease in merchandise inventories | (130,665) | 198,983 | 211,168 |
| (Increase) decrease in prepaid expenses | (10,978) | 27 | 6,872 |
| Increase (decrease) in accounts payable | 48,846 | 95,677 | (147,013) |
| Increase in accrued expenses | |||
| and other current liabilities | 39,184 | 11,928 | 63,975 |
| (Decrease) in deferred income taxes | (3,793) | (5,344) | (14,143) |
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| Net cash provided by operating activities | 385,467 | 664,463 | 254,554 |
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| C a s h f l o w s f r o m i n v e s t i n g a c t i v i t i e s : | |||
| Property additions | (192,382) | (119,153) | (105,864) |
| Proceeds from sale of other assets | 15,697 | - | - |
| Acquisition of Marshalls, net of cash acquired | - | (49,327) | (378,733) |
| Proceeds from (adjustments to) sale | |||
| of discontinued operations | (33,190) | 222,800 | 3,000 |
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| Net cash provided by (used in) investing activities | (209,875) | 54,320 | (481,597) |
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| C a s h f l o w s f r o m f i n a n c i n g a c t i v i t i e s : | |||
| Payments on short-term debt | - | - | (20,000) |
| Proceeds from borrowings of long-term debt | - | - | 574,861 |
| Principal payments on long-term debt | (27,179) | (46,506) | (31,271) |
| Prepayment of long-term debt | - | (455,560) | - |
| Payment of debt issue expenses | - | - | (14,776) |
| Proceeds from sale and issuance of common stock, net | 15,471 | 34,395 | 1,040 |
| Stock repurchased | (245,198) | - | - |
| Cash dividends paid | (43,500) | (35,019) | (44,886) |
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| Net cash provided by (used in) financing activities | (300,406) | (502,690) | 464,968 |
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| Net cash provided by (used in) continuing operations | (124,814) | 216,093 | 237,925 |
| Net cash provided by (used in) discontinued operations | 54,451 | 49,413 | (70,268) |
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| Net increase (decrease) in cash and cash equivalents | (70,363) | 265,506 | 167,657 |
| Cash and cash equivalents at beginning of year | 474,732 | 209,226 | 41,569 |
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| Cash and cash equivalents at end of year | $ 404,369 | $ 474,732 | $ 209,226 |
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The accompanying notes are an integral part of the financial statements. |
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