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Retail-Department Stores: capital spending and supply chain

SIC 5311 · 4 companies with filed cash-flow statements

Capital spending, 12 months$1.8B
Operating cash flow$5.3B
Capex / cash flow33%
Capex / revenue3.1%
Top 3 share95%

Analysis

4 companies in Retail-Department Stores (SIC 5311) spent $1.8B on capital projects over their latest twelve months, 33% of the $5.3B their operations generated; the three largest spenders — BURL, M, KSS — account for 95%.

Capital spending is 3.1% of the industry's $57.0B of annual revenue.

By the industry's asset mix most of it goes to structures (38%); about $290M is imported.

The largest supplier of that spending is office and commercial structures ($557M).

Its largest supplying industries, by the input-output tables: other real estate ($3.7B), management of companies and enterprises ($2.6B), electric power generation, transmission, and distribution ($1.6B).

Charts

Retail-Department Stores: capital spending by company, latest twelve monthsRetail-Department Stores: capital spending by company, latest twelve monthsBURL$1.0BM$347MKSS$318MDDS$89.3M
Filed cash-flow statements (SEC XBRL).
Retail-Department Stores: what the capital spending buys (US part)Retail-Department Stores: what the capital spending buys (US part)Structures$557MEquipment$353MSoftware$495MOther$61.0M
Capital spending × the industry’s asset mix (BEA fixed assets): grade C, an industry average applied to filed figures.
Retail-Department Stores: the industries that build and sell what it buysRetail-Department Stores: the industries that build and sell what it buysOffice and commercial structures$557MSoftware publishers$348MComputer systems design services$100MOffice furniture and custom archi…$54.4MAll other miscellaneous manufactu…$39.2MOther general purpose machinery m…$36.3MMaterial handling equipment manuf…$28.4MAir conditioning, refrigeration, …$26.3MCustom computer programming servi…$23.5MAircraft manufacturing$21.1M
BEA fixed assets: investment by asset type → supplying industry. Estimates (grade C).
Retail-Department Stores: its first-tier supplying industriesRetail-Department Stores: its first-tier supplying industriesOther real estate$3.7BManagement of companies and enter…$2.6BElectric power generation, transm…$1.6BImports$1.0BWarehousing and storage$937MServices to buildings and dwellin…$707MLessors of nonfinancial intangibl…$527MNonresidential maintenance and re…$439MNondepository credit intermediati…$395MMonetary authorities and deposito…$395M
Purchased inputs × the industry’s input mix (BEA Use table), US part: grade C.
Retail-Department Stores: where the industry's cash came from (+) and went (−)Retail-Department Stores: where the industry's cash came from (+) and went (−)Operating cash flow$5.3BCapital spending−$1.8BCash added to the balance she…−$1.1BDividends−$740MOther investing (out)−$693MNet debt repaid−$598MBuybacks−$551MCash drawn from the balance s…$293MOther financing (out)−$224MSales of assets & businesses$67.0MShares issued$53.1MOther investing (in)$11.0M
The companies’ cash-flow statements, latest four quarters or fiscal year: every figure filed (grade A).

Capital spending by company

CompanyCapital spendingOperating cash flowCapex / OCFPeriod
BURL Burlington Stores$1.0B$1.4B71%TTM to Q2 FY27
M Macy's$347M$1.8B20%TTM to Q2 FY27
KSS Kohl's$318M$1.4B24%TTM to Q2 FY27
DDS Dillard's$89.3M$724M12%TTM to Q2 FY27

Customers and suppliers named in annual reports

SupplierCustomerShare of supplier revenueEvidenceSource
GIIIM21%Stated in 10-K (sentence)filing
IPARM10%Stated in 10-K (sentence)filing
GIPRKSS10%Stated in 10-K (XBRL)filing
SITCBURL—Stated in 10-K (named, share not stated)filing
WFCDDS—Stated in 10-K (named, share not stated)filing

The interactive money flow: switch views, follow each dollar →

Evidence grades: A filed figure · B computed from filed figures · C industry average (BEA input-output and fixed-asset tables) applied to filed figures. Estimates are not the companies’ own records. Not investment advice.