Behind the Rankings
The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.
The overall ranking: (Highest Overall CCE Company CCE) ÷ (Highest Overall CCE Lowest Overall CCE) + (Lowest Overall DWC Company DWC) ÷ (Lowest Overall DWC Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.
Sources: REL Consultancy Group, Piranha Web
Back to “Forget the Float? — The 2001 Working Capital Survey”
| RETAIL | ||||||||||||
| Over- all Rank | Company Name | Prior Year Sales | Cash Conver. Effic. | Days Working Capital | Days Sales Outst. | Inven. Turns | Days Payable Outst. | |||||
| CCE | Rk. | DWC | Rk. | DSO | Rk. | Ts. | Rk. | DPO | Rk. | |||
| 20 | BLOCK- BUSTER INC | $4,960 | 28% | 30 | (8) | 22 | 12 | 99 | 7 | 440 | 42 | 212 |
| 32 | HOLLYWOOD ENTER- TAINMENT CORP | $1,296 | 23% | 65 | (8) | 21 | 13 | 111 | 9 | 359 | 45 | 177 |
| 85 | ABER- CROMBIE & FITCH | $1,042 | 18% | 128 | 17 | 154 | 2 | 15 | 9 | 351 | 10 | 970 |
| 191 | ELECTRON. BOUTIQUE HOLDINGS CORP | $729 | 6% | 653 | (16) | 10 | 3 | 26 | 6 | 499 | 62 | 79 |
| 224 | STARBUCKS CORP | $2,169 | 13% | 245 | 37 | 318 | 12 | 104 | 4 | 724 | 13 | 935 |
| 230 | TRANS WORLD ENTER- TAINMENT CORP | $1,358 | 13% | 268 | 34 | 292 | 2 | 8 | 2 | 975 | 87 | 24 |
| 252 | INTIMATE BRANDS INC | $4,511 | 12% | 288 | 38 | 329 | 2 | 13 | 5 | 631 | 9 | 972 |
| 281 | BEST BUY CO INC | $12,494 | 6% | 642 | 8 | 85 | 5 | 50 | 8 | 414 | 36 | 298 |
| 287 | AUTOZONE INC | $4,483 | 10% | 377 | 33 | 280 | 3 | 21 | 2 | 959 | 69 | 51 |
| 317 | SUNGLASS HUT INTNL. INC | $636 | 11% | 343 | 46 | 412 | 2 | 16 | 4 | 788 | 15 | 890 |
| 347 | COSTCO WHOLESALE CORP DE | $32,164 | 3% | 786 | 6 | 78 | 2 | 14 | 11 | 277 | 25 | 603 |
| 348 | TARGET CORP | $33,702 | 6% | 614 | 25 | 214 | 20 | 162 | 6 | 529 | 37 | 276 |
| 352 | WHERE- HOUSE ENTER- TAINMENT | $766 | 12% | 293 | 57 | 513 | 3 | 25 | 2 | 967 | 70 | 50 |
| 357 | PIER 1 IMPORTS INC | $1,231 | 9% | 429 | 43 | 384 | 3 | 22 | 3 | 910 | 41 | 235 |
| 359 | TOYS R US INC NEW | $11,862 | 7% | 591 | 29 | 245 | 6 | 58 | 4 | 778 | 46 | 168 |
| 364 | WAL MART STORES INC | $165,013 | 6% | 679 | 22 | 188 | 3 | 23 | 6 | 510 | 28 | 506 |
| 378 | NU SKIN ENTERPR. INC | $880 | 7% | 576 | 33 | 276 | 7 | 67 | 2 | 963 | 8 | 978 |
| 379 | TJX COS INC | $8,795 | 7% | 602 | 30 | 256 | 3 | 20 | 5 | 619 | 28 | 522 |
| 394 | LOWE S COS INC | $15,906 | 6% | 617 | 32 | 270 | 4 | 35 | 4 | 719 | 34 | 359 |
| 399 | IDEAMALL INC | $732 | 3% | 813 | 12 | 118 | 25 | 196 | 14 | 215 | 36 | 292 |
| 400 | ROSS STORES INC | $2,469 | 8% | 545 | 39 | 350 | 2 | 9 | 3 | 837 | 39 | 257 |
| 405 | WILLIAMS SONOMA INC | $1,384 | 8% | 534 | 41 | 363 | 6 | 59 | 4 | 795 | 24 | 622 |
| 423 | LIMITED INC | $9,723 | 6% | 639 | 34 | 285 | 3 | 31 | 6 | 522 | 11 | 953 |
| 441 | BJ S WHOLESALE CLUB INC | $4,206 | 3% | 791 | 20 | 167 | 5 | 48 | 8 | 367 | 23 | 670 |
| 444 | NBTY INC | $721 | 10% | 414 | 58 | 517 | 14 | 115 | 2 | 945 | 30 | 446 |
| 454 | GOODY S FAMILY CLOTHING INC | $1,181 | 3% | 797 | 20 | 169 | 5 | 52 | 5 | 670 | 43 | 207 |
| 460 | FRESH DEL MONTE PRODUCE INC | $1,859 | 4% | 759 | 25 | 219 | 27 | 222 | 9 | 361 | 41 | 237 |
| 465 | MICROAGE INC | $6,150 | 0% | 935 | 5 | 72 | 25 | 200 | 12 | 253 | 51 | 128 |
| 467 | ANNTAYLOR STORES CORP | $1,233 | 8% | 504 | 51 | 462 | 22 | 171 | 4 | 805 | 22 | 719 |
| 485 | COMPUCOM SYSTEMS INC | $2,711 | 4% | 768 | 28 | 238 | 33 | 294 | 22 | 135 | 21 | 737 |
| 487 | HOME DEPOT INC | $38,434 | 6% | 667 | 40 | 355 | 7 | 64 | 5 | 633 | 20 | 795 |
| 492 | STAPLES INC | $10,674 | 5% | 687 | 38 | 333 | 12 | 100 | 5 | 682 | 37 | 280 |
| 494 | ADVANCED MARKETING SERVICES INC | $628 | 2% | 840 | 22 | 189 | 50 | 535 | 4 | 746 | 107 | 8 |
| 501 | PEP BOYS MANNY MOE & JACK | $2,395 | 6% | 640 | 45 | 408 | 3 | 18 | 3 | 877 | 53 | 116 |
| 502 | LONGS DRUG STORES CORP | $3,672 | 4% | 770 | 31 | 261 | 8 | 77 | 6 | 505 | 20 | 774 |
| 505 | OFFICE DEPOT INC | $11,570 | 5% | 722 | 37 | 317 | 29 | 248 | 6 | 559 | 41 | 239 |
| 506 | INSIGHT ENTERPR. INC | $2,041 | 3% | 806 | 28 | 235 | 52 | 558 | 55 | 55 | 31 | 407 |
| 511 | FOOTSTAR INC | $2,237 | 6% | 647 | 46 | 421 | 9 | 86 | 5 | 688 | 19 | 821 |
| 521 | WALGREEN CO | $21,207 | 4% | 747 | 36 | 309 | 10 | 92 | 5 | 575 | 23 | 680 |
| 523 | PC CONNECTION INC | $1,450 | 2% | 864 | 23 | 195 | 32 | 288 | 16 | 188 | 32 | 395 |
| 538 | AMERI- SOURCE HEALTH CORP | $11,645 | 1% | 904 | 21 | 186 | 21 | 166 | 8 | 393 | 43 | 197 |
| 541 | LANDS END INC | $1,320 | 4% | 738 | 40 | 357 | 5 | 51 | 4 | 808 | 23 | 681 |
| 547 | COLE NATIONAL CORP | $1,066 | 3% | 804 | 33 | 283 | 16 | 130 | 3 | 868 | 24 | 625 |
| 562 | HANDLEMAN CO | $1,138 | 7% | 564 | 61 | 540 | 77 | 851 | 7 | 456 | 59 | 90 |
| 567 | INGRAM MICRO INC | $30,715 | 1% | 896 | 26 | 229 | 34 | 310 | 8 | 385 | 52 | 122 |
| 568 | CARDINAL HEALTH INC | $29,871 | 2% | 850 | 32 | 267 | 23 | 182 | 7 | 436 | 36 | 297 |
| 591 | BERGEN BRUNSWIG CORP | $22,943 | 0% | 946 | 21 | 177 | 21 | 169 | 11 | 286 | 32 | 393 |
| 602 | HARCOURT GENERAL INC | $2,408 | 16% | 187 | 116 | 898 | 93 | 935 | 3 | 915 | 47 | 163 |
| 608 | BARNES & NOBLE INC | $3,486 | 6% | 660 | 59 | 528 | 6 | 61 | 2 | 944 | 61 | 83 |
| 612 | BURLINGTON COAT FACTORY WAREHOUSE CORP | $2,199 | 5% | 721 | 53 | 481 | 3 | 27 | 3 | 919 | 43 | 200 |
| 616 | SHOPKO STORES INC | $3,898 | 3% | 783 | 46 | 423 | 15 | 125 | 5 | 630 | 26 | 560 |
| 619 | BUILDING MATERIALS HOLDING CORP | $1,007 | 4% | 761 | 49 | 448 | 40 | 392 | 8 | 376 | 25 | 619 |
| 628 | CIRCUIT CITY STORES INC | $12,614 | 3% | 815 | 44 | 398 | 20 | 164 | 5 | 582 | 29 | 487 |
| 633 | CDW COMPUTER CENTERS INC | $3,842 | 2% | 871 | 39 | 340 | 32 | 285 | 24 | 128 | 8 | 976 |
| 636 | FEDERATED DEPARTMENT STORES INC NEW | $17,716 | 9% | 423 | 85 | 755 | 68 | 785 | 3 | 885 | 60 | 89 |
| 642 | STEIN MART INC | $1,207 | 3% | 810 | 47 | 427 | 2 | 7 | 3 | 849 | 40 | 249 |
| 646 | GROUP 1 AUTOMOTIVE INC | $3,586 | 2% | 836 | 44 | 397 | 5 | 47 | 6 | 535 | 13 | 926 |
| 648 | SYSTEMAX INC | $1,686 | 1% | 879 | 39 | 344 | 40 | 390 | 10 | 319 | 34 | 364 |
| 650 | NORDSTROM INC | $5,529 | 8% | 547 | 75 | 671 | 45 | 448 | 4 | 738 | 28 | 518 |
| 655 | D & K HEALTHCARE RESOURCES INC | $1,458 | -1% | 960 | 26 | 223 | 15 | 121 | 6 | 527 | 49 | 145 |
| 656 | BRADLEES INC | $1,507 | 0% | 938 | 32 | 269 | 3 | 24 | 4 | 747 | 33 | 366 |
| 662 | NEIMAN MARCUS GROUP INC | $2,855 | 7% | 571 | 74 | 664 | 29 | 247 | 3 | 852 | 32 | 394 |
| 663 | UNITED STATIONERS INC | $3,945 | 4% | 751 | 56 | 503 | 28 | 224 | 5 | 657 | 36 | 294 |
| 668 | TALBOTS INC | $1,291 | 7% | 596 | 73 | 650 | 34 | 298 | 4 | 733 | 19 | 803 |
| 669 | BORDERS GROUP INC MI | $2,999 | 6% | 628 | 70 | 629 | 9 | 84 | 2 | 976 | 78 | 33 |
| 686 | PHAR MOR INC | $1,292 | 1% | 915 | 40 | 356 | 8 | 70 | 5 | 642 | 29 | 488 |
| 695 | MCKESSON HBOC INC | $36,734 | 0% | 936 | 38 | 330 | 31 | 269 | 8 | 397 | 35 | 316 |
| 698 | RADIOSHACK CORP | $4,795 | 8% | 489 | 86 | 759 | 26 | 203 | 3 | 925 | 18 | 836 |
| 700 | CVS CORP | $20,088 | 3% | 788 | 57 | 511 | 15 | 123 | 4 | 780 | 28 | 502 |
| 713 | AMERICAN CRYSTAL SUGAR CO | $731 | 7% | 592 | 80 | 714 | 28 | 236 | 2 | 981 | 15 | 908 |
| 719 | GOOD GUYS INC | $861 | -2% | 968 | 32 | 271 | 8 | 76 | 6 | 567 | 26 | 581 |
| 721 | FINLAY ENTERPR. INC | $913 | 4% | 758 | 64 | 581 | 9 | 83 | 1 | 985 | 68 | 54 |
| 729 | OFFICEMAX INC | $5,156 | 2% | 853 | 55 | 497 | 9 | 88 | 3 | 876 | 49 | 139 |
| 735 | AMES DEPT STORES INC | $3,837 | 0% | 934 | 46 | 413 | 1 | 4 | 3 | 841 | 35 | 313 |
| 737 | DRUG EMPORIUM INC | $905 | 1% | 901 | 51 | 463 | 9 | 81 | 4 | 765 | 30 | 429 |
| 739 | PETSMART INC | $2,110 | 0% | 930 | 48 | 434 | 10 | 95 | 4 | 712 | 25 | 609 |
| 740 | RITE AID CORP | $13,339 | 1% | 889 | 52 | 475 | 4 | 36 | 4 | 817 | 31 | 405 |
| 747 | VALUE CITY DEPARTMENT STORES INC | $1,670 | 3% | 803 | 64 | 580 | 2 | 10 | 2 | 927 | 34 | 356 |
| 753 | J C PENNEY CO INC | $32,510 | 4% | 764 | 69 | 624 | 41 | 399 | 4 | 786 | 43 | 205 |
| 759 | LINENS N THINGS INC | $1,573 | 3% | 829 | 63 | 568 | 7 | 68 | 2 | 950 | 41 | 231 |
| 760 | FRED S INC | $666 | 1% | 881 | 57 | 509 | 6 | 54 | 3 | 839 | 29 | 478 |
| 767 | HOMEBASE INC | $1,525 | 3% | 814 | 65 | 589 | 6 | 62 | 3 | 826 | 25 | 590 |
| 777 | UNITED AUTO GROUP INC | $4,884 | 1% | 891 | 58 | 519 | 14 | 113 | 7 | 483 | 4 | 992 |
| 787 | TECH DATA CORP | $16,992 | 0% | 952 | 50 | 454 | 48 | 499 | 8 | 380 | 41 | 223 |
| 788 | GART SPORTS CO | $681 | 2% | 847 | 66 | 594 | 4 | 33 | 2 | 962 | 70 | 49 |
| 797 | DUANE READE INC | $1,000 | 2% | 863 | 64 | 582 | 17 | 139 | 4 | 775 | 23 | 661 |
| 810 | SONIC AUTOMOTIVE INC | $6,052 | 1% | 885 | 64 | 577 | 9 | 87 | 6 | 566 | 4 | 994 |
| 821 | KOHL S CORP | $4,557 | 2% | 837 | 72 | 645 | 32 | 280 | 4 | 772 | 22 | 709 |
| 825 | DAISYTEK INTER- NATIONAL CORP | $1,060 | 0% | 942 | 59 | 525 | 57 | 624 | 8 | 370 | 37 | 278 |
| 830 | AGWAY INC | $1,427 | 2% | 857 | 71 | 636 | 66 | 754 | 10 | 293 | 27 | 538 |
| 842 | CASUAL MALE CORP MA | $665 | 1% | 883 | 73 | 655 | 6 | 57 | 2 | 972 | 38 | 274 |
| 847 | WICKES INC | $1,085 | -1% | 961 | 59 | 526 | 36 | 327 | 7 | 468 | 19 | 816 |
| 856 | SPIEGEL INC | $3,428 | 2% | 839 | 82 | 724 | 100 | 950 | 4 | 812 | 78 | 31 |
| 858 | GUITAR CENTER INC | $786 | 1% | 892 | 75 | 679 | 9 | 90 | 3 | 887 | 28 | 508 |
| 860 | TIFFANY & CO | $1,668 | 10% | 405 | 125 | 927 | 29 | 243 | 1 | 995 | 43 | 198 |
| 873 | TRACTOR SUPPLY CO | $759 | 1% | 909 | 77 | 691 | 4 | 32 | 3 | 920 | 34 | 349 |
| 875 | SPORTS AUTHORITY INC | $1,493 | -2% | 969 | 62 | 562 | 12 | 102 | 3 | 847 | 34 | 361 |
| 880 | FLOORING AMERICA INC | $763 | -2% | 977 | 60 | 534 | 40 | 377 | 7 | 425 | 16 | 879 |
| 887 | HAVERTY FURNITURE COS INC | $681 | 8% | 507 | 122 | 917 | 109 | 967 | 4 | 813 | 41 | 227 |
| 892 | DILLARD S INC | $8,921 | 7% | 608 | 115 | 896 | 54 | 586 | 3 | 914 | 31 | 402 |
| 894 | BON TON STORES INC | $711 | 1% | 897 | 84 | 747 | 16 | 131 | 2 | 949 | 35 | 337 |
| 895 | SERVICE MERCH- ANDISE CO INC | $2,231 | 0% | 951 | 76 | 681 | 4 | 34 | 3 | 892 | 28 | 494 |
| 900 | RUSH ENTERPR. INC | $808 | 0% | 949 | 78 | 697 | 15 | 120 | 5 | 683 | 5 | 991 |
| 907 | LITHIA MOTORS INC | $1,243 | 2% | 869 | 92 | 806 | 8 | 79 | 4 | 810 | 4 | 995 |
| 918 | STAGE STORES INC | $1,122 | 1% | 914 | 93 | 812 | 19 | 152 | 3 | 898 | 23 | 660 |
| 928 | POMEROY COMPUTER RESOURCES INC | $757 | -3% | 981 | 80 | 715 | 84 | 900 | 15 | 210 | 27 | 553 |
| 947 | HEILIG MEYERS CO | $2,038 | 2% | 841 | 120 | 908 | 73 | 831 | 3 | 835 | 29 | 490 |
| 957 | RENT A CENTER INC NEW | $1,596 | 4% | 773 | 137 | 946 | 1 | 2 | 0 | 999 | 16 | 881 |
| 964 | SEARS ROEBUCK & CO | $40,937 | 8% | 516 | 165 | 976 | 194 | 996 | 5 | 628 | 77 | 35 |
| 972 | O REILLY AUTOMOTIVE INC | $890 | 0% | 927 | 128 | 933 | 14 | 118 | 1 | 988 | 33 | 371 |
| 979 | RDO EQUIPMENT CO | $689 | 6% | 635 | 177 | 983 | 37 | 340 | 2 | 957 | 5 | 990 |
| 982 | CSK AUTO CORP | $1,231 | -2% | 980 | 136 | 944 | 19 | 158 | 1 | 992 | 48 | 153 |
| 984 | ELDER BEERMAN STORES CORP | $667 | -2% | 976 | 148 | 959 | 83 | 893 | 3 | 901 | 28 | 509 |
| 622 | Industry Average | $7,461 | 4% | 55 | 23 | 6 | 34 | |||||
Back to the 2001 Working Capital Survey
