Strategy

2001 Working Capital Survey – Chart 13

FOOD RETAILERS & WHOSALERS
CFO StaffJuly 1, 2001

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.

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Sources: REL Consultancy Group, Piranha Web


Back to “Forget the Float? — The 2001 Working Capital Survey”

FOOD RETAILERS & WHOLESALERS
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.
233 CASEY S GENERAL STORES INC $1,653 6% 619 (1) 42 1 1 25 120 13 928
245 WILD OATS MARKETS INC $838 6% 632 2 52 1 5 13 232 25 618
278 PUBLIX SUPER MARKETS INC $13,069 6% 670 5 71 2 17 13 234 18 833
280 WHOLE FOODS MARKET INC $1,839 7% 567 14 132 4 44 12 255 10 965
296 PANTRY INC $2,432 4% 740 1 50 4 43 18 159 19 824
321 7 ELEVEN INC $9,346 4% 760 5 70 8 71 53 60 8 977
344 WEIS MARKETS INC $2,061 6% 649 22 190 6 56 9 348 14 911
356 KROGER CO $45,352 4% 769 9 91 5 49 10 291 22 692
361 ALBERTSON S INC $37,478 4% 730 14 133 4 45 12 267 17 864
381 INGLES MARKETS INC $1,916 3% 785 11 107 5 46 8 388 27 537
417 DELHAIZE AMERICA INC $12,670 5% 716 25 212 7 65 7 438 20 771
421 SUPERVALU INC $20,339 2% 835 11 113 9 85 14 227 22 703
426 GREAT ATLANTIC & PACIFIC TEA CO INC $10,151 4% 776 19 160 8 73 9 355 19 813
430 GRAND UNION CO $2,205 0% 940 (1) 41 7 63 10 306 36 310
431 WINN DIXIE STORES INC $13,698 4% 753 22 192 4 39 8 410 17 873
434 RUDDICK CORP $2,683 4% 750 23 196 11 96 8 379 20 792
453 FOODARAMA SUPER- MARKETS INC $886 2% 858 13 124 2 11 15 201 7 979
455 SUPER- MARKETS GENERAL HOLDINGS CORP $3,698 0% 928 5 74 1 3 18 162 10 963
470 MARSH SUPER- MARKETS INC $1,790 2% 851 17 151 8 74 11 278 16 887
486 FLEMING COS INC $14,444 1% 912 12 116 12 101 14 216 24 635
488 SYSCO CORP $19,303 3% 794 25 221 29 239 16 185 21 731
498 NASH FINCH CO $4,016 2% 854 20 172 14 112 14 222 17 868
510 EAGLE FOOD CENTERS INC $933 1% 899 18 155 6 53 10 320 16 880
518 SMART & FINAL INC $1,864 3% 826 27 232 14 116 10 318 20 777
524 PERFOR- MANCE FOOD GROUP CO $2,605 1% 880 21 187 23 180 17 180 20 789
564 FRESH AMERICA CORP $670 0% 932 20 168 39 370 52 63 25 589
784 UNITED NATURAL FOODS INC $909 0% 937 53 477 26 209 7 450 15 891
422 Industry Average $8,476 3%   15   10   15   19  

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