Capital expenditures were $744.4 million in fiscal 2013 compared to $603.3 million in fiscal 2012. The growth in capital expenditures was primarily due to increased investments in new stores. During fiscal 2013, the Company spent $292.5 million related to its Fee Development Program, compared to $122.6 million in fiscal 2012. In fiscal 2013, the Company completed sale-leaseback transactions related to store locations for net proceeds, after transaction costs, of $345.2 million.

During fiscal 2013, the Company opened 500 new stores, closed 26 stores, and renovated, relocated or expanded 830 stores.

In fiscal 2013, the Company paid $108.3 million in dividends and repurchased approximately 1.2 million shares of its common stock for a total cost of $75.0 million. As of August 31, 2013, the Company had the authorization to purchase up to an additional $370.8 million of its common stock.

Outlook

Commenting on expectations for fiscal 2014, Levine said, “Given the uncertainty of the operating environment and the near-term challenges our customer continues to face, we have taken a cautious approach to fiscal 2014. Building on the progress we've made to increase market share, stabilize gross margin and improve inventory productivity, we will continue to invest in fiscal 2014 to increase our relevancy, provide customers with more value, and drive more trips. While the first quarter will be our most difficult sales comparison, as we cycle a 6.6% increase in comparable store sales, these comparisons will ease as we move through the year. An improving sales trend, combined with continued gross margin expansion and tight expense control, should result in higher profitability as we move through fiscal 2014.”

For the 52-week year ending August 30, 2014, the Company expects that earnings per diluted share will be between $3.80 and $4.15, compared with $3.83 in fiscal 2013. As a reminder, fiscal 2013 included an extra week, which the Company estimates contributed $0.07 of earnings per diluted share.

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