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Essay / Research Paper Abstract
A 4 page paper discussing the likely future performance of Britain’s Debenhams, using the performance of House of Fraser and Marks and Spencer for comparison. The paper provides 6 financial measures (EPS, current ratio, net profit margin, etc.) calculated from the three companies’ annual reports for 2002 and 2003. The discussion that follows cautions that assessment of any company must be made on the basis of more than only one or two financial ratios. Includes 1 table. Bibliography lists 5 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSfinCompUK.rtf
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Unformatted sample text from the term paper:
of retail in developed countries has suffered in the past several years, a development most noticeable in those economies that have been mature for the longest periods. Consumers still
need and want the kinds of items that retailers offer, but today they have many more options available to them. They also are more likely to shop on price
rather than on perceived benefits or the tradition of customer loyalty. This is as true in the United Kingdom as it is in the United States, where traditional department
stores continue to lose market share to the giant discount retailers. Three of Britains leading department stores, Debenhams, Marks and Spencer and House
of Fraser struggle against this trend. Of these, Debenhams has been least successful and finalized its acquisition by Baroness Retail in December 2003. The purpose here is to
assess Debenhams financial position relative to its two former competitors House of Fraser and Marks and Spencer. Financial Ratios Though their balance sheets
are not directly comparable in many respects, the financial records for each company for the past several years indicate that that each has suffered from the former downturn in retail.
Table 1 lists several ratios useful for comparing the three companies. Table 1. Selected Financial Ratios for Each Retailer Item Derivation Debenhams (2002) Marks and Spencer (2002/2003)
House of Fraser (2002/2003) EPS (p) 12 months earnings ? Number of shares 29.8 20.7/17.4 7.6/6.2 Price*/Earnings Share price* ? Earnings per share NA* 1339.37 1302.63 Total Debt/Equity Liabilities ?
Total Value of Stock 11.98 2.32 6.7 Current Ratio Current Assets ? Current Liabilities 37.26 1.32 10.17 Current Inventory Turnover Cost of Goods Sold ? Average Inventory 1688.5 8,077.2 963.5
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