Urban Outfitters 2012 Annual Report Download - page 36

Table of Contents
million, respectively. Changes in working capital primarily relate to changes in the volume of cash, cash equivalents, marketable securities and inventories
relative to inventory-related payables and store-related accruals.
Cash provided by investing activities during fiscal 2012 was $55 million, consisting of $245 million in net proceeds from marketable securities partially
offset by $190 million used primarily for the construction of new stores and distribution and fulfillment facilities.
Cash used in financing activities during fiscal 2012 of $532 million was primarily related to the repurchase of our common shares. Cash provided by
the exercise of stock options and related tax benefits on stock option exercises was a partial offset.
During the last three years, we have satisfied our cash requirements through our cash flow from operations. Our primary uses of cash have been to
repurchase our common shares, open new stores and purchase inventories. We have also continued to invest in our direct-to-consumer efforts, technology,
distribution and fulfillment facilities, our home office and our international operations. Cash paid for property and equipment, net of tenant improvement
allowances, included in deferred rent, for fiscal 2012, 2011 and 2010 were $190 million, $144 million, and $109 million, respectively and were primarily used
to expand and support our store base.
During fiscal 2013, we plan to construct and open approximately 55 to 60 new stores, renovate certain existing stores, complete construction of our
fulfillment facility in Reno, Nevada, continue to expand our home offices in Philadelphia, Pennsylvania, upgrade our systems, increase our investments in
direct-to-consumer marketing and purchase inventory for our stores, direct-to-consumer and wholesale businesses at levels appropriate to maintain our
planned sales growth. We plan to increase the level of capital expenditures during fiscal 2013 to approximately $210 million. We believe that our new store,
direct-to-consumer and inventory investments have the ability to generate positive cash flow within a year. We believe improvements to our home office,
fulfillment and distribution facilities are necessary to adequately support our growth. We may also enter into one or more acquisitions or transactions related
to the expansion of our brands.
During fiscal 2012, we completed the construction of a 98,000 square foot distribution center and a 142,000 square foot fulfillment center, each located
in Rushden, England, at a combined cost of approximately $19 million.
During fiscal 2011, we completed a 54,000 square foot expansion of our home office in Philadelphia, Pennsylvania at a cost of approximately $25
million.
On February 28, 2006, our Board of Directors approved a stock repurchase program. The program authorized the Company to purchase up to
8.0 million common shares. On November 16, 2010 and August 25, 2011, our Board of Directors approved two separate stock repurchase authorizations of
10.0 million common shares. These additional authorizations supplemented the Company's 2006 stock repurchase program.
During fiscal 2012, we repurchased and retired 20.5 million common shares for approximately $538.3 million. During fiscal 2011 we repurchased and
subsequently retired 6.3 million common shares for $201.0 million. We repurchased 1.2 million common shares during fiscal year 2007. As of January 31,
2012, there were no common shares available for repurchase under the program.
In addition to shares repurchased under the stock repurchase program, during the fiscal years ended January 31, 2012 and 2011, we settled and
subsequently retired 0.3 million and 0.1 million
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