Net income for the first fiscal quarter fell 3.0% to $28.8 million, compared to $29.7 million during the first quarter of Fiscal 2007. During the first quarter of Fiscal 2008, cash provided by operating activities rose to $20.3 million from $13.3 million during the first quarter of Fiscal 2007 and cash and cash equivalents were $330.8 million as of May 5, 2007.
The use of cash in the first fiscal quarter primarily reflects customary working capital requirements, capital expenditures related to new store openings along with store remodels and the quarterly dividend. For the first fiscal quarter, the Company had capital expenditures of $22.3 million compared to $23.2 million in last year's first fiscal quarter.
marketing@alchempro.com
