Our 66 total company-owned retail stores at the end of second quarter was lower than our 71 stores at the end of the second quarter of 2010. Even with this reduction in stores, we reported flat retail sales on year-over-year basis and a slight reduction in retail operating losses.
Inventory at quarter end was $246 million versus $251 million in the second quarter of 2010. We expect to end this year with inventory levels down approximately $10 million to $20 million from the 2010 year-end levels of $250 million. Cash at quarter end totaled $35 million and debt totaled $77 million.
At the end of the quarter the excess availability to borrow under our revolver was approximately $54 million with total liquidity of $89 million. The decrease in our cash balance compared to the end of the first quarter largely reflects the investments being made in Indonesia, Mexico and SAP. In addition, we made a $2.4 million payment associated with the refinancing of our asset-based loan through 2016, which we mentioned in last quarters release.
We said capital spending for the year would be more heavily weighted to the first half and you can see that was indeed the case with the year-to-date capital spending coming in at $17.4 million. We continue to expect our capital expenditure for the full year to be with in our previously issued $25 million to $29 million guidance range.We continue to expect depreciation expense to be approximately $24 million. Our required 2011 pension contribution is expected to be approximately $3 million. As we get near to the end of 2011, we will have greater visibility with respect to the required contribution in 2012.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV