Strategy

2001 Working Capital Survey-Chart 30

Textiles & Apparel
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


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TEXTILES & APPAREL
Overall Rank Company Name Prior Year Sales Cash Conver. Effic. Days Working Cap. Days Sales Outst. Inven. Turns Days Payable Outst.
CCE Rk. DWC Rk. DSO Rk. Ts. Rk. DPO Rk.
393 TIMBERLAND CO $1,091 13% 271 68 613 33 296 4 718 14 925
395 UNIFI INC $1,280 13% 248 73 649 58 646 8 390 24 630
500 TOMMY HILFIGER CORP $1,977 13% 243 88 781 43 421 4 764 6 988
542 JONES APPAREL GROUP INC $4,143 10% 393 73 651 34 313 4 774 21 727
570 WARNACO GROUP INC $2,114 9% 437 73 660 56 618 2 929 90 20
584 LIZ CLAIBORNE INC $3,104 8% 496 69 616 36 323 4 790 27 554
595 CYRK INC $989 4% 767 45 409 46 468 13 233 25 606
652 NAUTICA ENTERPRISES INC $621 11% 349 94 814 64 728 4 745 17 870
709 WESTPOINT STEVENS INC $1,816 7% 558 82 734 17 140 3 834 17 863
742 V F CORP $5,748 8% 530 91 801 47 477 4 801 22 699
749 POLO RALPH LAUREN CORP $1,949 7% 579 88 782 36 331 3 924 24 640
754 REEBOK INTER- NATIONAL LTD $2,865 7% 586 88 780 55 608 4 731 21 723
756 NIKE INC $8,995 8% 487 96 823 64 726 4 726 21 726
779 CONE MILLS CORP $616 2% 852 63 572 17 143 5 571 15 889
786 BROWN SHOE CO INC $1,593 4% 766 75 673 17 135 3 909 28 514
790 GUILFORD MILLS INC $814 9% 469 103 850 68 781 5 604 24 633
827 DONNA KARAN INTER- NATIONAL INC $662 1% 921 63 570 43 423 5 614 34 355
836 PHILLIPS VAN HEUSEN CORP $1,271 2% 834 77 694 23 178 4 796 11 948
849 OXFORD INDUSTRIES INC $840 4% 772 87 768 48 501 4 693 28 524
888 SPRINGS INDUSTRIES INC $2,275 5% 698 105 863 47 479 4 757 17 858
931 GALEY & LORD INC $958 3% 781 116 900 72 825 5 646 25 615
934 KELLWOOD CO $1,565 3% 802 116 899 67 760 4 761 26 580
942 RUSSELL CORP $1,218 10% 383 160 969 59 659 2 951 19 809
956 HARTMARX CORP $681 5% 710 144 952 71 808 3 884 21 748
962 DAN RIVER INC GA $663 5% 723 145 953 53 570 3 903 19 796
974 WOLVERINE WORLD WIDE INC $701 6% 678 162 974 87 911 3 883 11 962
986 FRUIT OF THE LOOM LTD $1,835 -5% 992 145 954 28 235 2 960 24 638
755 Industry Average $1,940 6%   96   48   4   23  

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