| C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W S |
|
Fiscal Year Ended
|
|
 |
| January 30, |
January 31, |
January 25, |
| In Thousands |
1999 |
1998 |
1997 |
|
|
|
(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 |
$424,154 |
$304,815 |
$363,123 |
| Adjustments to reconcile net income to net cash |
|
|
|
| provided by operating activities: |
|
|
|
| (Income) from discontinued operations, |
|
|
|
| net of income taxes |
- |
- |
(29,361) |
| Loss (gain) on disposal of discontinued operations |
9,048 |
- |
(125,556) |
| Extraordinary charge |
- |
1,777 |
5,620 |
| Depreciation and amortization |
136,531 |
124,891 |
126,830 |
| Property disposals and asset write-downs |
6,037 |
18,778 |
25,399 |
| Other, net |
(6,296) |
(3,928) |
(732) |
| Changes in assets and liabilities, excluding |
|
|
|
| effect of acquisitions and dispositions: |
|
|
|
| (Increase) in accounts receivable |
(6,610) |
(3,460) |
(2,131) |
| (Increase) decrease in merchandise inventories |
4,102 |
(130,665) |
198,983 |
| (Increase) decrease in prepaid expenses |
(1,091) |
(10,978) |
27 |
| Increase in accounts payable |
34,368 |
48,846 |
95,677 |
| Increase in accrued expenses |
|
|
|
| and other current liabilities |
62,491 |
39,184 |
11,928 |
| (Decrease) in deferred income taxes |
(19,965) |
(3,793) |
(5,344) |
|
|
| Net cash provided by operating activities |
642,769 |
385,467 |
664,463 |
|
|
| 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 |
(207,742) |
(192,382) |
(119,153) |
| Proceeds from sale of other assets |
9,421 |
15,697 |
- |
| Acquisition of Marshalls, net of cash acquired |
- |
- |
(49,327) |
| Proceeds from (adjustments to) sale |
|
|
|
| of discontinued operations |
- |
(33,190) |
222,800 |
|
|
| Net cash provided by (used in) investing activities |
(198,321) |
(209,875) |
54,320 |
|
|
| 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 : |
| Principal payments on long-term debt |
(23,360) |
(27,179) |
(46,506) |
| Prepayment of long-term debt |
- |
- |
(455,560) |
| Proceeds from sale and issuance of common stock, net |
27,763 |
15,471 |
34,395 |
| Stock repurchased |
(350,319) |
(245,198) |
- |
| Cash dividends |
(41,657) |
(43,500) |
(35,019) |
|
|
| Net cash (used in) financing activities |
(387,573) |
(300,406) |
(502,690) |
|
|
| Net cash provided by (used in) continuing operations |
56,875 |
(124,814) |
216,093 |
| Net cash provided by discontinued operations |
- |
54,451 |
49,413 |
|
|
| Net increase (decrease) in cash and cash equivalents |
56,875 |
(70,363) |
265,506 |
| Cash and cash equivalents at beginning of year |
404,369 |
474,732 |
209,226 |
|
|
| Cash and cash equivalents at end of year |
$461,244 |
$404,369 |
$474,732 |
|
 |
| The accompanying notes are an integral part of the financial statements. |
|
|
|
