Strategy

2001 Working Capital Survey – Chart 28

RETAIL
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”

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

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