Inventory declined 1% as of May 5, 2007 on both total and comparable store comparisons to April 29, 2006.
Advertising, Selling, Administrative and General Expenses: Advertising, selling, administrative and general (“S G & A”) expenses were $499.4 million and $494.6 million during the 13 weeks ended May 5, 2007 and April 29, 2006, respectively. Increases in payroll and services purchased were partially offset by decreased advertising expenses resulting in a net increase in S G & A expenses of $4.8 million for the period.
Interest and Debt Expense: Net interest and debt expense declined $2.9 million for the 13 weeks ended May 5, 2007 compared to the 13 weeks ended April 29, 2006 as a result of lower debt levels. Interest and debt expense was $20.7 million and $23.6 million during the 13 weeks ended May 5, 2007 and April 29, 2006, respectively.
As of May 5, 2007, letters of credit totaling $72.3 million were outstanding under the Company's $1.2 billion revolving credit facility. During the 13 weeks ended May 5, 2007, the Company amended and extended its revolving credit facility an additional year to expire on December 12, 2012.
marketing@alchempro.com
