According to its 10-K report filing, Stride Rite Corp. expects to see a 17% decrease in Cap Ex versus fiscal 2002. SRR expects capital expenditures of $10 million for the year ending November 28, 2003. The company posted capital expenditures of $ 12.1 million in 2002.
The filing indicated that most of the Cap Ex will be used for the renovation of existing stores and a new retail merchandise planning system. SRR also said it plans to open fewer than 10 new stores in fiscal 2003 and expects to close at least three stores during the year.
