Buy Windows 7 Ultimate Product Key
auther: date:2013-07-23
sources:http://www.wptap.com/Magazine/Buy-Windows-7-Ultimate-Product-Key.asp
Efficiency Is King in Fashion Retail Fashion retailers operate in one of the most difficult competitive environments in the entire economy.Buy Windows 7 Ultimate Product Key With no sustainable competitive advantages, companies in this industry must design new products to stay ahead of fashion trends while keeping an eye on efficiency of production. This is a difficult balancing act, but a few retailers have been able to achieve it. For instance, The Gap is known for its prudent inventory management despite some merchandising missteps in the past. At the same time, Limited Brands has been able to generate good returns from its signature Victoria's Secret and Bath Body Works brands, while keeping expenses low. Meanwhile, Abercrombie Fitch has carved out a niche that allows it to thrive. Limited and Gap manage their inventory better than Abercrombie. This is because the two companies have worked to shorten lead times on ordered merchandise and maximize sales per square foot. Both companies have had merchandising mishaps, but neither were severely affected due to prudent inventory management. Finally, investors should always consider a retailer's cash conversion cycle. The cash conversion cycle measures how long it takes the company to acquire and sell inventory, collect accounts receivable, and pay accounts payable. A lower number indicates that the business quickly turns inventory purchases back into cash, whereas a higher number indicates a longer time between initial inventory purchase and re-conversion to cash. It is calculated by adding the number of days it takes to collect receivables to the number of days it takes to sell inventory and subtracting how long until the company has to pay its payables. While Gap and Limited have cash conversion cycles lasting about one month, Abercrombie's stretches to 75 days. There are no sustainable competitive advantages in fashion retail; investors have to believe that companies will continue to maintain historical efficiencies -- or improve historically poor efficiencies. Limited, Gap, and Abercrombie each trade at around 14 to 15 times earnings, but Limited and Gap are more attractive due to their superior efficiencies. If they can continue to be efficient retailers, their stock prices will reward investors more than Abercrombie's stock rewards its investors.
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