Dillard's, Inc. Reports Fourth Quarter and Fiscal Year Results.Business Editors LITTLE ROCK, Ark.--(BUSINESS WIRE)--March 6, 2003 Dillard's
See: New York Stock Exchange :DDS (1) (Digital Data Storage) See DAT. (2) (Data Dictionary System) See QuickBuild and OpenDDS. (3) (Dataphone Digital S ) (the "Company" or "Dillard's") today announced operating results for its fourth quarter and fiscal year ended February February: see month. 1, 2003. The Company will host a conference call to discuss these results today at 11:00 a.m. Eastern. The live call is available to all interested parties on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at the Investor Relations Investor relations The process by which the corporation communicates with its investors. site at http://www.dillards Dillards may refer to:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2:00 p.m. Eastern. Income before extraordinary gain for the 13 weeks ended February 1, 2003 was $72.3 million ($0.85 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share) compared to $100.7 million ($1.20 per fully diluted share) for the 13 weeks ended February 2, 2002. Income before extraordinary loss/gain and cumulative effect of an accounting change for the 52 weeks ended February 1, 2003 was $136.3 million ($1.60 per fully diluted share) compared to $65.8 million ($0.78 per fully diluted share) for the 52 weeks ended February 2, 2002. Sales Sales for the 13 weeks ended February 1, 2003 were $2.4 billion compared to sales for the 13-week period ended February 2, 2002 of $2.5 billion, a decrease of 6%. Sales in comparable stores for the 13-week period decreased 5%. Sales were pressured by a notably weak retail sales environment during the quarter. Sales for the 52 weeks ended February 1, 2003 were $7.9 billion compared to sales for the 52 weeks ended February 2, 2002 of $8.2 billion. Sales decreased 3% for the 52-week period on both a total and comparable store basis. Net Income Net Income for the thirteen weeks ended February 1, 2003 was $72.3 million ($0.85 per fully diluted share) compared to $101.5 million ($1.21 per fully diluted share) for the thirteen weeks ended February 2, 2002. Dillard's reported a net loss for the 52 weeks ended February 1, 2003 of $398.4 million ($4.67 per fully diluted share) compared to net income of $71.8 million ($0.85 per fully diluted share) for the 52 weeks ended February 2, 2002. Included in total revenues for the thirteen weeks and 52 weeks ended February 1, 2003 is a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of $64.3 million ($41.1 million after tax or $.48 per fully diluted share) pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the Company's sale of its interest in FlatIron Crossing. As previously announced, Dillard's sold its 50% interest in the Broomfield, Colorado The City and County of Broomfield lies in the northwestern tier of the Denver metropolitan area in the State of Colorado of the United States. Broomfield has a consolidated city and county government. shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into for $68.5 million during the fourth quarter of 2002. The Company recorded pretax asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. and store closing charges of $53.1 million ($34.0 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. or $.40 per fully diluted share) for the thirteen weeks ended February 1, 2003. For the 52-week period ended February 1, 2003, the Company recorded pretax asset impairment and store closing charges of $52.2 million ($33.4 million after-tax or $.39 per fully diluted share). The charge for the 52-week period includes a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. to fair value for certain under-performing properties in the amount of $55.8 million and exit costs to close four such properties in the amount of $4.4 million partially offset by forgiveness Forgiveness Angelica, Suor is forgiven by the Virgin Mary for ill-considered suicide. [Ital. Opera: Puccini, Suor Angelica, Westerman, 364] Bishop of Digne of a lease obligation in the amount of $8.0 million in connection with the sale of a closed owned store in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. . All four above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. properties will be closed during the 2003 fiscal year. During the 52 weeks ended February 1, 2003, the Company recorded an extraordinary loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt, net of taxes, of $4.4 million ($.05 per fully diluted share). Included in net income for the 52 weeks ended February 2, 2002 is an extraordinary gain on early extinguishment of debt, net of taxes, of $6.0 million ($.07 per fully diluted share). The Company adopted SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. " effective February 3, 2002. SFAS No. 142 states that goodwill and intangible assets deemed to have indefinite INDEFINITE. That which is undefined; uncertain. INDEFINITE, NUMBER. A number which may be increased or diminished at pleasure. 2. When a corporation is composed of an indefinite number of persons, any number of them consisting of a majority of those lives are no longer subject to amortization but are to be tested for impairment at least annually. As required by the SFAS No. 142, the Company tested its goodwill for impairment using the two-step process prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). in SFAS No. 142. This testing resulted in a non-cash goodwill impairment charge of $530.3 million ($6.22 per fully diluted share). In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with SFAS No. 142, this goodwill impairment was reflected by Dillard's as a cumulative effect of a change in accounting principle at February 3, 2002. During the 13-week and 52-week periods ended February 2, 2002, the Company recorded goodwill amortization of approximately $3.9 million ($.04 per fully diluted share) and $15.6 million ($.18 per fully diluted share), respectively. As a result of the application of the non-amortization provisions of SFAS No.142, no amortization was recorded during the 13-week and 52-week periods ended February 1, 2003, respectively. Gross Margin/Inventory Gross Margin for the thirteen weeks ended February 1, 2003 declined 140 basis points of sales. Management attributes the decline to its efforts to aggressively markdown Markdown The difference between the highest current bid price among broker-dealers in the market and the lower price that a dealer charges a customer. Notes: The broker offers a lower price to try stimulate trading in hopes that they will make the money back on the extra merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain due to heightened competitive pressures in a notably lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" retail sales environment. Gross Margin for the 52 weeks ended February 1, 2003 increased 110 basis points of sales. Management attributes the increase to the successful execution of continuing initiatives to enhance the Company's merchandise and improve its competitive position throughout the year, partially offset by the heightened competitive pressures experienced during the fourth quarter. -- Private Brand Progress - The Company continues to work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to build penetration The successful unauthorized breach of a security perimeter. See penetration test. and recognition of its private brand merchandise as a means to provide superior price and value choices to its customers. Dillard's management recognizes significant opportunities for increased control over its merchandise mix and better gross margin performance through expansion of its private brand program with the continuing goal of replacing under-performing branded vendors with Dillard's private brands. Penetrations of private brand merchandise as a percent of sales for 52-week periods ended February 1, 2003 and February 2, 2002 are as follows:
52 Weeks Ended 52 Weeks Ended
February 1, 2003 February 2, 2002
---------------- -----------------
In merchandise categories in which
private brands are presented 21.6% 18.4%
Storewide (all categories) 18.2% 15.4%
Inventory in comparable stores at February 1, 2003 increased 2% comparing to inventory in comparable stores at February 2, 2002. Advertising, Selling, Administrative and General Expenses Advertising, selling, administrative and general ("S G and A") expenses were $573.6 million for the 13-week period ended February 1, 2003 and $571.4 million for the comparable period ended February 2, 2002. The Company's successful efforts to maintain control of most operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. categories during the fourth quarter were offset by increases in bad debt expense and property taxes, which increased $8.1 million and $4.8 million, respectively. S, G and A expenses for the 52-week period ended February 1, 2003 decreased $27.4 million to $2,164.0 million from $2,191.4 million for the comparable period ended February 2, 2002. In late 2001, Dillard's announced the consolidation of a back-office payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. function. Significant savings in payroll as a result of this initiative, combined with savings in utilities and supplies during the 52-week period, were partially offset by an increase in bad debt expense, which increased $23.8 million, which includes an increase in the allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. of $12.5 million. Debt/Interest Expense As a result of Dillard's continued focus on decreasing debt levels and lower variable interest rates on the Company's receivable conduit conduit /con·du·it/ (kon´doo-it) channel. ileal conduit the surgical anastomosis of the ureters to one end of a detached segment of ileum, the other end being used to form a stoma on the , interest and debt expense for the 13 weeks ended February 1, 2003 declined to $46.4 million from $49.0 million for the 13 weeks ended February 2, 2002. Interest and debt expense for the 52-week period ended February 1, 2003 declined to $183.0 million from $201.7 million for the same prior year period. During the 52 weeks ended February 1, 2003, the Company repurchased $111.9 million of its outstanding unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. notes prior to their maturity dates. Additionally, Dillard's retired the remaining $143 million of its 6.31% Reset Put Securities due August 1, 2012 prior to their maturity dates. These transactions resulted in an extraordinary loss on early extinguishment of debt, net of taxes, of $4.4 million ($.05 per fully diluted share) for the 52-week period ended February 1, 2003. The Company utilizes securitizations of its credit card receivable portfolio as a financing vehicle. The Company has historically accounted for these transactions as off-balance-sheet financing Off-Balance-Sheet Financing A way of raising money that does not appear on the balance sheet. Notes: This is unlike loans, debt and equity, which do appear on the balance sheet. . However, in early May 2002, the Company amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. its conduit financing Conduit Financing A financing arrangement involving a government or other qualified agency using its name in an issuance of fixed income securities for a non-profit organization's large capital project. agreement in a manner that prevented future transfers of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying from qualifying as a sale and thus receiving off-balance-sheet Off balance sheet usually means an asset or debt or financing activity not on the company's balance sheet. It could involve a lease or a separate subsidiary or a contingent liability such as a letter of credit. treatment. As a result of this decision, the Company records all financing through this facility on the balance sheet at February 1, 2003 of which $400 million is classified in long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Furthermore, as a result of this decision, the Company took a charge to its income statement of $5.4 million related to the amortization of the beneficial interests recognized up front on the off-balance-sheet financing for the 52 weeks ended February 1, 2003. At February 2, 2002, the Company had $300 million of off-balance-sheet financing associated with its securitizations. Total debt on a comparable basis at February 1, 2003 decreased by $193.0 million compared to February 2, 2002. Store Openings/Closings - 2002 During the 52-week period ended February 1, 2003, Dillard's opened seven newly constructed stores. Three of these stores were replacement units. During the year, the Company closed nine stores under its existing plan to close under-performing locations as conditions permit. At February 1, 2003, the Company operated 333 stores spanning 29 states - all operating under one name, Dillard's. Store Openings - 2003 Scheduled store openings for the year ended January January: see month. 31, 2004 are as follows:
Open
Dillard's at: City Month Sq. Feet
----------------------------------------------------------------------
Great Northern Mall Olmstead, Ohio March 220,000
NorthPark Mall Davenport, Iowa July 126,000
Stony Point Fashion Park Richmond, Virginia September 200,000
Short Pump Town Center Richmond, Virginia September 200,000
Memorial City Mall (A) Houston, Texas October 250,000
(A) Replacement store.
Total planned construction for the year ended January 31, 2004 is approximately 800,000 square feet net of replaced square footage. Supplemental Information Additional information regarding sales for the quarter is provided: Sales by Month Sales performance by month for the fourth quarter and fiscal year occurred as follows:
Total Comparable
--------------------------
November -8% -7%
December -5% -4%
January -6% -5%
Quarter 4 -6% -5%
Year -3% -3%
Sales by Category Sales by category for the fourth quarter:
13 Weeks Ended
February 1, 2003
Total Comparable
------------------------------------
Cosmetics -4% -3%
Women's and Juniors' Clothing -9% -9%
Children's Clothing -5% -4%
Men's Clothing and Accessories -8% -7%
Shoes, Accessories and Lingerie -2% -1%
Home -3% -3%
Sales by category for the fiscal year:
52 Weeks Ended
February 1, 2003
Total Comparable
------------------------------------
Cosmetics -3% -2%
Women's and Juniors' Clothing -3% -3%
Children's Clothing -2% -2%
Men's Clothing and Accessories -6% -6%
Shoes, Accessories and Lingerie -1% -1%
Home -4% -4%
Sales by Region Total sales performance by region:
13 Weeks Ended 52 Weeks Ended
February 1, 2003 February 1, 2003
------------------------------------------
East -3% -2%
Central -7% -4%
West -6% 0%
Total -6% -3%
Sales Mix sales mix See product mix.
13 Weeks Ended 52 Weeks Ended
February 1, 2003 February 1, 2003
--------------------------------------
Cosmetics 15.0% 13.9%
Women's and Juniors' Clothing 26.1% 31.0%
Children's Clothing 6.9% 7.0%
Men's Clothing and Accessories 20.0% 18.4%
Shoes, Accessories and Lingerie 20.8% 20.8%
Home 11.2% 8.9%
Estimates for 2003 The Company is updating the following estimates for certain income statement items for the fiscal year ended January 31, 2004 based upon current conditions. Actual results may differ significantly from these estimates as conditions and factors change - See "Forward Looking Information".
In Millions
-----------
2003 2002
Estimated Actual
--------- ------
Depreciation and amortization $300 $301
Rental expense 65 68
Interest and debt expense 170 183
Capital expenditures 250 233
Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Information Certain of the information presented in this press release that addresses future results or expectations is considered "forward-looking" information within the definition of Federal securities laws. It is important to note that Dillard's, Inc.'s actual results could differ materially from those projected in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Factors that could cause actual results to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in such forward-looking statements include, among others, economic and weather conditions in the regions in which the Company's stores are located and their effect on the buying patterns of the Company's customers, potential disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. from terrorist activity, and the effect on ongoing consumer confidence, adequate and stable availability of materials and production facilities, potential disruption of international trade and supply chain efficiencies, customer response to the Company's merchandise, changes in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. patterns and debt levels, trends in personal bankruptcies Personal bankruptcy is a procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. In other jurisdictions, bankruptcies are reserved for corporations. and the impact of competitive market factors. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to the Company's report on Form 10K for the year ended February 2, 2002. Copies of these filings may be obtained by contacting Dillard's, Inc. or the Securities and Exchange Commission. Filings with the Securities and Exchange Commission are also available via EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. on the Internet at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
Dillard's, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in Millions, Except Per Share Data)
Thirteen-Week Period Ended
----------------------------------
February 1, 2003 February 2, 2002
----------------------------------
% of % of
Net Net
Amount Sales Amount Sales
--------- ------ ---------- ------
(Unaudited) (Unaudited)
Net sales $2,387.9 - $2,534.0 -
Total revenues 2,516.3 105.4 % 2,597.4 102.5 %
Cost of sales 1,638.9 68.6 1,703.4 67.2
Advertising, selling, administrative
and general expenses 573.6 24.0 571.4 22.6
Depreciation and amortization 70.2 2.9 78.0 3.1
Rentals 23.0 1.0 25.6 1.0
Interest and debt expense 46.4 2.0 49.0 1.9
Asset impairment and store closing
charges 53.1 2.2 1.8 0.1
--------- ---------
Total costs and expenses 2,405.2 2,429.2
--------- ---------
Income before income taxes and
extraordinary item 111.1 4.7 168.2 6.6
Income taxes 38.8 67.5
--------- ---------
Income before extraordinary item 72.3 3.0 100.7 4.0
Extraordinary gain on early
extinguishment of debt,
net of taxes - - .8 -
--------- ------ --------- ------
Net income $72.3 3.0 % $101.5 4.0 %
========= ====== ========= ======
Earnings per share-Basic and
Diluted:
Income before extraordinary item $0.85 $1.20
Extraordinary gain on early
extinguishment of debt,
net of taxes - .01
--------- ---------
Net income $0.85 $1.21
========= =========
Weighted average shares-Basic: 84.7 83.7
========= =========
Weighted average shares-Diluted: 85.0 84.1
========= =========
The Company has reclassified $2.4 million related to its receivable
financing from other revenue to interest expense for the thirteen
weeks ended February 2, 2002.
Dillard's Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in Millions, Except Per Share Data)
Fifty-Two Week Period Ended
-------------------------------------
February 1, 2003 February 2, 2002
--------------------------------------
% of % of
Net Net
Amount Sales Amount Sales
----------- ------- --------- --------
(Unaudited) (Unaudited)
Net sales $7,911.0 - $8,154.9 -
Total revenues 8,233.9 104.1 % 8,399.7 103.0 %
Cost of sales 5,254.1 66.4 5,507.7 67.5
Advertising, selling,
administrative and general
expenses 2,164.0 27.3 2,191.4 26.9
Depreciation and amortization 301.4 3.8 310.8 3.8
Rentals 68.1 0.9 72.8 0.9
Interest and debt expense 183.0 2.3 201.7 2.5
Asset impairment and store
closing charges 52.2 0.7 3.7 -
----------- ----------
Total costs and expenses 8,022.8 8,288.1
----------- ----------
Income before income taxes 211.1 2.7 111.6 1.4
Income taxes 74.8 45.8
----------- ----------
Income before extraordinary item
and accounting change 136.3 1.8 65.8 0.8
Extraordinary (loss) gain on
early extinguishment of debt,
net of taxes (4.4) (0.1) 6.0 0.1
Cumulative effect of
accounting change (530.3) (6.7) - -
----------- ------ ---------- -------
Net (loss) income $(398.4) (5.0)% $71.8 0.9 %
=========== ====== ========== =======
Basic earnings per share:
Income before extraordinary
item and accounting change $1.61 $0.78
Extraordinary (loss) gain on
early extinguishment of debt,
net of taxes (0.05) 0.07
Cumulative effect of accounting
change (6.27) -
----------- ----------
Net (loss) income $(4.71) $0.85
=========== ==========
Diluted earnings per share:
Income before extraordinary
item and accounting change $1.60 $0.78
Extraordinary (loss) gain on
early extinguishment of debt,
net of taxes (0.05) 0.07
Cumulative effect of accounting
change (6.22) -
----------- ----------
Net (loss) income $(4.67) $0.85
=========== ==========
Weighted average shares:
Basic 84.5 84.0
=========== ==========
Diluted 85.3 84.5
=========== ==========
The Company has reclassified $1.4 million and $11.3 million related to
its receivable financing from other revenue to interest expense for
the fifty-two weeks ended February 1, 2003 and February 2, 2002,
respectively.
Dillard's, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in Millions)
February 1, February 2,
2003 2002
----------- -----------
Assets (Unaudited)
Current Assets:
Cash and cash equivalents $142.4 $153.0
Trade accounts receivable 1,338.1 1,074.9
Merchandise inventories 1,594.3 1,561.9
Other current assets 55.5 24.7
----------- -----------
Total current assets 3,130.3 2,814.5
Property and equipment, net 3,370.5 3,455.7
Goodwill 39.2 569.6
Other assets 136.0 234.8
----------- -----------
Total Assets $6,676.0 $7,074.6
=========== ===========
Liabilities and Stockholders' Equity
Current Liabilities:
Trade accounts payable and
accrued expenses $676.0 $808.2
Current portion of long-term debt
and capital leases 140.7 100.5
Federal and state income taxes 69.8 19.4
----------- -----------
Total current liabilities 886.5 928.1
Long-term debt and capital leases 2,211.6 2,145.0
Other liabilities 137.1 157.5
Deferred income taxes 645.0 644.0
Guaranteed preferred beneficial interests in the
Company's subordinated debentures 531.6 531.6
Stockholders' equity 2,264.2 2,668.4
----------- -----------
Total Liabilities and Stockholders' Equity $6,676.0 $7,074.6
=========== ===========
Other Financial Information
(Amounts in Millions)
(Unaudited)
February 1, February 2,
2003 2002
----------- -----------
Square footage 56.7 56.8
=========== ===========
Capital expenditures:
13 weeks ended $39.8 $68.7
52 weeks ended 233.3 270.6
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