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The 10-K Sway
Across industries, net working capital tends to drop from the third to the fourth quarter, then rise again in the first quarter of the fiscal new year.
Tim Reason, CFO Magazine

For a fuller discussion of working capital, return to the article "Scrubbing the Numbers."


Working Capital in 21 Industry Sectors



Household Products, Durable
Company Q1-'03
vs.
Q4-'02
Q4-'02
vs.
Q3-'02
Q1-'02
vs.
Q4-'01
Q4-'01
vs.
Q3-'01
Q1-'01
vs.
Q4-'00
Q4-'00
vs.
Q3-'00
Fortune Brands 0% 8% 17% -13% 21% -12%
Newell Rubbermaid 12 -7 7 -9 22 -13
Toro 17 9 17 -3 19 -8
Tupperware 14 -44 56 -42 28 -43
Total 9% -4% 14% -10% 21% -13%
Average Total* 5.2% -4.8% 6.6% -4.8% 7.9% -6.7%
Total Excluding Retail/Household/Toys 2.7% -2.4% 5.2% -2.8% 5.4% -4.1%
*Industry total net working capital is an average
that includes companies not shown here.
Net working capital = accounts receivable + inventory - accounts payable.
Net working capital changes are adjusted for sales.
Source: REL Consultancy Group


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