dc lecture seven : merchandise buying and handling

MKTG 1058: DISTRIBUTION

CHANNELS

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Distribution Channels MKTG 1058LECTURE SEVEN

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(Dunne Chapter Nine)

Merchandise Buying & Handling

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Learning Objectives for Chapter 9 (Dunne):Learning Objectives for Chapter 9 (Dunne):

•Explain the differences between the four methods of dollar merchandise planning used to determine the proper stock levels needed to begin a merchandise selling period.

•Explain how retailers use dollar merchandise control and describe how open-to-buy is used in the retail buying process.

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Learning Objectives for Chapter 9 (Dunne):Learning Objectives for Chapter 9 (Dunne):

• Describe how a retailer determines the makeup of its inventory.

• Describe how a retailer selects proper merchandise sources.

• Describe what is involved in the vendor-buyer negotiation process and what terms of the contract can be negotiated.

• Discuss the various methods of handling the merchandise once it is received in the store in order to control shrinkage, including vendor collision and theft.

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Retailing TruismRetailing Truism

If a retailer doesn’t have the merchandise, there is nothing to promote and sell.

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Chapters 8 and 9 (compared):Chapters 8 and 9 (compared):

The previous lecture was on merchandise budgetThis chapter covers the buying process and how to

ensure there is a right mixSome exam questions may use the terms

“merchandise makeup” – sometimes known as mixDon’t confuse the word makeup with “mark-up”Read the questions carefully!

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Dollar Merchandise PlanningDollar Merchandise Planning

•Merchandise Management is the analysis, planning, acquisition, handling, and control of the merchandise investments of a retail operation.

•Process by which a retailer offers the right quantity of the right merchandise in the right place at the right time and meets the company’s financial goals. (Levy)

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• Gross Margin Return on Inventory (GMROI) is gross margin divided by average inventory at cost; alternatively it is the gross margin percent multiplied by (net sales divided by average inventory investment). GMROI can be comupted as follows:

• (Gross margin/Net sales) X (Net sales/Average inventory at cost) = (Gross margin/Average inventory at cost)

A very important ratio to note- read the text carefully on this and the implications of a changing GMROI (note ‘I’ is NOT investment but inventory)

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GMROIInventory Productivity Measures

GMROI = Gross Margin Percent x sales to stock ratio

= gross margin x net salesnet sales avg inventory at cost

= gross marginavg inventory at cost

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ROI and GMROIAsset Productivity Measures

Strategic Corporate Level• Return on Assets = Net Profit

Total Assets

Merchandise Management Level• GROI = Gross Margin

Average Inventory

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Illustration of GMROI

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GMROI for Selected Department in Discount Stores

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Calculating Inventory Turnover

– Inventory turnover = Net SalesAverage inventory at retail

– Inventory turnover = Cost of goods soldAverage inventory at cost

– Average inventory = Month1 + Month2 + Month 3 +…Number of months

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Inventory Turnover

Month Retail Value of Inventory• EOM January $22,000• EOM February 33,000• EOM March 38,000• Total Inventory $93,000

• Average inventory = $93,000 ÷ 3 = $31,000

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Inventory Turnover and Stock-to-Sale Ratio

Inventory turnover = Net Sales Average inventory at retail

Inventory turnover = Cost of goods soldAverage inventory at cost

Sock-to-Sales Ratio = Net Sales Average cost of

inventory

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Advantages of Rapid Turnover

• Increased sales volume• Less risk of obsolescence and

markdowns• Improved salesperson morale• More resources to take advantage of new

buying opportunities

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Approaches for Improving Inventory Turnover

• Reduce number of categories• Reduce number of SKUs within a category• Reduce number of items in a SKU

BUT if a customer can’t find their size or color or brand, patronage and sales decrease!

another approach…

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…another approachTo improve inventory turnover

• Buy merchandise more often• Buy in smaller quantities which should reduce average

inventory without reducing sales

BUT by buying smaller quantities• Buyers can’t take advantage of quantity discounts so• Gross margin decreases• Operating expenses increase• Buyers need to spend more time placing orders and

monitoring deliveries

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BasicStock

Method

PercentageVariationMethod

Weeks’ Supply Method

Stock-to-SaleMethod

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•Basic Stock Method (BSM) is a technique for planning dollar inventory investments and allows for a base stock level plus a variable amount of inventory that will increase or decrease at the beginning of each sales period in the same dollar amount as the period’s expected sales.

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The BSM can be calculated as follows:• Average monthly sales for the season = Total planned

sales for the season/Number of months in the season• Average stock for the season = Total planned sales for

the season/Estimated inventory turnover rate for the season

• Basic stock = Average stock for the season – Average monthly sales for the season

• Beginning-of-Month (BOM) = Basic stock + Planned monthly sales

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Percentage variation method (PVM):Is a technique for planning dollar inventory investments that assumes that the percentage fluctuations in monthly stock from average stock should be half as great as the percentage fluctuations in monthly sales from average sales.

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The (PVM) can be calculated as follows:BOM stock =

Average stock for season X ½[1 + (Planned sales for the month/Average monthly sales)]

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Weeks’ supply method (WSM):Is a technique for planning dollar inventory investments that states that the inventory level should be set equal to a predetermined number of weeks’ supply, which is directly related to the desired rate of stock turnover.

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The WSM can be calculated as follows:• Number of weeks to be stocked = Number of weeks in

the period/Stock turnover rate for the period• Average weekly sales = Estimated total sales for the

period/Number of weeks in the period• BOM stock = Average weekly sales X Number of weeks

to be stocked

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Stock-to-sales method (SSM):Is a technique for planning dollar inventory investments where the amount of inventory planned for the beginning of the month is a ratio (obtained from trade associations or the retailer’s historical records) of stock-to-sales.

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The SSM can be computed as follows:Average BOM stock-to-sales ratio for the season = Number of months in the season/Desired inventory turnover rate

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Exercises from the Text (Merchandise Buying)

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Solutions to end of chapter questions Chapter Nine:

Merchandise Buying and Handling

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2. The Corner Hardware Store is attempting to develop a merchandise budget for thenext 12 months. To assist in this process, the following data have been developed. The target inventory turnover is 4.8 and forecast sales are: Month Forecast Sales 1 $27,000 2 26,000 3 20,000 4 34,000 5 41,000 6 40,000 7 28,000 8 27,000 9 38,000 10 39,000 11 26,000 12 28,000 Develop a monthly merchandise budget using the basic stock method (BSM) and thepercentage variation method (PVM).

Total sales= $

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SOLUTION: Using the basic stock method we should plan the following inventorylevels: Month Planned Inventory 1 $27,000 + [(374,000/4.8)-(374,000/12)] $27,000 + 46,750 = $73,750 2 $26,000 + 46,750 = $72,750 3 $20,000 + 46,750 = $66,750 4 $34,000 + 46,750 = $80,750 5 $41,000 + 46,750 = $128,750 6 $40,000 + 46,750 = $88,750 7 $28,000 + 46,750 = $74,750 8 $27,000 + 46,750 = $73,750 9 $38,000 + 46,750 = $84,750 10 $39,000 + 46,750 = $85,750 11 $26,000 + 46,750 = $72,750 12 $28,000 + 46,750 = $74,750

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Using the percentage variation method we should plan the following inventory levels: Month Inventory Planned 1 1/2 (374,000/4.8)(1+27,000/(374,000/12)) .5(77,916.67)(1+.87) = $72,708 2 .5(77,916.67)(1+.83) = $71,458 3 .5(77,916.67)(1+.64) = $63,958 4 .5(77,916.67)(1+1.09) = $81,458 5 .5(77,916.67)(1+1.32) = $90,208 6 .5(77,916.67)(1+1.28) = $88,958 7 .5(77,916.67)(1+.90) = $73,958 8 .5(77,916.67)(1+.87) = $72,708 9 .5(77,916.67)(1+1.22) = $86,458 10 .5(77,916.67)(1+1.25) = $87,708 11 .5(77,916.67)(1+.83) = $71,458 12 .5(77,916.67)(1+.90) = $73,958

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Planning Your Own Retail Business: Alexia White is in the process of developing the merchandise budget for the gift shop she is opening next year. She has decided to use the basic stock method of merchandise budgeting. Planned sales for the first half of next year are $200,000, and this is divided as follows: February = 9 percent, March = 10 percent, April = 15 percent, May = 21 percent, June = 22 percent, and July = 23 percent. Planned total retail reductions are 9 percent for February and March, 4 percent for April and May, and 12 percent for June and July. The planned initial markup percentage is 48 percent. Alexia desires the rate of inventory turnover for the season to be two times. Also, she wants to begin the second half of the year with $90,000 in inventory at retail prices. Develop a six-month merchandise budget for Alexia.

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Suggested Answer: After determining planned sales for each month, the BOM inventory level for each month using the basic stock method is computed as follows: Average monthly sales = Total planned sales/Number for the season of months = $200,000/6 = $33,333 Average stock for the = Total planned sales/Inventory season turnover = $200,000/2 = $100,000 Basic stock = Average stock - Average monthly sale = $100,000 - $33,333 = $66,667

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BOM @ retail (Feb.) = Basic stock + Planned monthly sales = $66,667 + $18,000 = $84,667 BOM @ retail (Mar.) = $66,667 + $20,000 = $86,667 BOM @ retail (Apr.) = $66,667 + $30,000 = $96,667 BOM @ retail (May) = $66,667 + $42,000 = $108,667 BOM @ retail (Jun.) = $66,667 + $44,000 = $110,667 BOM @ retail (Jul.) = $66,667 + $46,000 = $112,667

This set of figures will be inserted into Row #1 of the Merchandise Budget

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SIX-MONTH PROBLEM Six-Month Merchandise Budget

Date: December 14 Season: Summer

Spring/Summer Feb March April May June July Seasonal Total

1.Planned BOM Stock

84,667 86,667 96,667 108,667 110,667 112,667 ______

2.Planned Sales

18,000 20,000 30,000 42,000 44,000 46,000 200,000

3.Planned Retail Reductions

1,620 1,800 1,200 1,680 5,280 5,520 17,100

4.Planned EOM Stock

86,667 96,667 108,667 110,667 112,667 90,000 ______

18,000= 200000 x 9%1620 = 18000 x 9%

(cont’d)

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5.Planned Purchases @ Retail

21,620 31,800 43,200 45,680 51,280 28,853 222,433

6.Planned Purchases @ Cost

11,242 16,536 22,264 23,754 26,666 15,004 115,666

7.Planned Initial Markup

10,378 15,264 20,736 21,926 24,614 13,849 106767

8.Planned Gross Margin

8,758 13,464 19,536 20,246 19,334 8,329 89,667

Refer back to Lecture Six to find out how to get these figures

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(Planned Sales for the Month ) + (Planned Retail Reductions for the Month) + (Planned EOM Stock for the Month) - (Planned BOM

Stock for the Month)

= (Planned Purchases at Retail for the Month)

(Planned Purchases at Retail for the Month )

X (100% Planned Initial Markup Percentage)

= (Planned Purchases at Cost for the Month)

(Planned Purchases at Retail for the Month ) X (Planned Initial Markup Percentage) = (Planned Initial Markup for the Month)

OR(Planned Purchases at Retail for the Month) -(Planned Purchases at Cost for the Month) =(Planned Initial Markup for the Month)

(Planned Initial Markup for the Month) -(Planned retail Reductions for the Month) = (Planned Gross Margin for the Month)

-

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Dollar Merchandise ControlDollar Merchandise Control

Open-to-buy (OTB) refers to the dollar amount that a buyer can currently spend on merchandise without exceeding the planned dollar stock. Computations for OTB are as follows:

• Planned sales for month + Planned reductions for month + End-of-Month (EOM) planned retail stock –Beginning-of-Month (BOM) stock = Planned purchases at retail

• Planned purchases at retail – Commitments at retail for current delivery = Open-to-Buy (OTB)

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Dollar Merchandise Control:Dollar Merchandise Control:

• Buying merchandise that is either priced too high or too low for the store’s target market.

• Buying the wrong type of merchandise (i.e., too many tops and no skirts) or buying merchandise that is too trendy.

• Having too much or too little basic stock on hand.• Buying from too many vendors.• Failing to identify the season’s hot items early enough in the

season.• Failing to let the vendor assist the buyer by adding new items

and/or new colors to the mix. (All too often, the original order is merely repeated, resulting in a limited selection.)

Common Buying Errors

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Merchandise PlanningMerchandise Planning

Merchandise planning is a dynamic process subject to many changes. Consider the implications that could arise in planning your stock levels as a result of:

sales for the previous month being lower or higher than planned

reductions being either higher or lower than plannedshipments of merchandise being delayed in transit.

Understanding the consequences of each of these situations points out the interrelationship of merchandising activities with the merchandise budget.

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Dimensions of and Constraints on Optimal Merchandising MixDimensions of and Constraints on Optimal Merchandising Mix

Exhibit 9.1

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Inventory PlanningInventory Planning

•Optimal Merchandise Mix•Constraining Factors•Managing the Inventory•Conflicts in Unit Stock Planning

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Optimal Merchandise MixOptimal Merchandise Mix

•Merchandise Line is a group of products that are closely related because they are intended for the same end use (all televisions); are sold to the same customer group (junior miss clothing); or fall within a given price range (budget women’s wear).

•Category Management refers to the management of merchandise categories, or lines, rather than individual products, as strategic business unit.

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Optimal Merchandise Mix- 3 DimensionsOptimal Merchandise Mix- 3 Dimensions

• Variety refers to the number of different merchandise lines that the retail stocks in the store.

• Breadth (or assortment) is the number of merchandise brands that are found in a merchandise line.

• Battle of the Brands occurs when retailers have their own products competing with the manufacturer’s products for shelf space and control over display location.

• Depth is the average number of stock-keeping units within each brand of the merchandise line.

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Battle of the BrandsBattle of the Brands

Private branding in retailing is creating a situation in which many “third-tier” brands are beginning to be squeezed out of the market, thus leaving only the leading national brand and the retailer’s private label brand. Here Albertson’s (the name of the supermarket) has strategically located its private brand to the right of the national brand (Kelloggs)

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Constraining FactorsConstraining Factors

Dollar Merchandise ConstraintsSpace ConstraintsMerchandise Turnover ConstrainsMarket Constraints

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Constraining FactorsConstraining Factors

Dollar merchandise constraint: There seldom will be enough dollars to emphasize all three dimensions of variety, breadth, and depth.

Space constraint: If depth or breadth is wanted, space is needed. If variety is to be stressed, enough empty space is needed to separate the distinct merchandise lines.

Merchandise turnover constraint: As the depth of the merchandise increases, more and more variations of the product must be stocked to serve smaller segments.

Market constraints: The above three dimensions have a profound effect on how the market perceives the store, and consequently on the customers the store will attract.

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Question to PonderQuestion to Ponder

How can retailers overcome these constraints to provide greater value, especially in comparison to their competition, for the consumer?

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Next stage- Inventory PlanningNext stage- Inventory Planning

After deciding the relative emphasis to be placed on the three dimensions of the merchandise mix, the retailer needs to decide when to order and reorder the desired merchandise line items.

1. Ideally, a retailer would receive the reordered merchandise just as it is needed.

2. When selling a seasonal item, the retailer would want to be completely sold out of the item at the planned out-of-stock date.

3. The retailer tries to achieve the optimization of its inventory dollars by closely monitoring its inventory using UPC or barcode data.

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The concept of tradeoff in inventory planning

Cost of CarryingInventory

Lost Sale Due to Stockout

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Managing the InventoryManaging the Inventory

Model Stock Plan is a unit stock plan that shows the precise items and quantities that should be on hand for each merchandise line.

•Identify attributes•Identify levels•Allocate Dollars or Units

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Inventory Management for a Retailer Selling a Basic Stock ItemInventory Management for a Retailer Selling a Basic Stock Item

Exhibit 9.2

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Staple Merchandise PlanningStaple merchandise planning systems provide information needed to assist buyers by performing three functions:

•Monitoring and measuring current sales for items at the SKU level

•Forecasting future SKU demand with allowances made for seasonal variations and changes in trend

•Developing ordering decision rules for optimum restocking

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Cycle and Backup StockU

nits

Ava

ilabl

e

Weeks

150 -

100 -

50 -

0 -1 2 3 4

Order 96Cycle Stock

Buffer Stock

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Inventory Management for a Retailer Selling a Seasonal ItemInventory Management for a Retailer Selling a Seasonal Item

Exhibit 9.3

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Factors Determining Backup Stock

• Level of backup depends on product availability retailer wishes to provide

• The greater the fluctuation in demand, the more backup stock is needed

• The amount of backup stock needed is also affected by the lead time from the vendor

• Fluctuations in lead time affect the amount of backup stock

• Vendor’s product availability affects retailers’ backup stock requirements

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Variations in the Category Life Cycle

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Conflicts in Stock PlanningConflicts in Stock Planning

• Maintain a strong in-stock position on genuinely new items while trying to avoid the 90 percent of new products that fail in the introductory stage.

• Maintain an adequate stock of the basic popular items while having sufficient inventory dollars to capitalize on unforeseen opportunities.

• Maintain high merchandise turnover while maintaining high margin goals.

• Maintain adequate selection for customers while not confusing them.

• Maintain space productivity and utilization while not congesting the store.

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Selection of Merchandising SourcesSelection of Merchandising Sources

In selecting merchandising sources the following criteria should be considered:

Selling historyConsumers’ perception of the manufacturer’s

reputationReliability of deliveryTrade termsProjected markupQuality of Merchandise

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Criteria (cont’d)After sale serviceTransportation timeDistribution center processing time Inventory carrying costCountry of OriginFashionabilityNet-landed cost

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Retailers using private label brands…Retailers using private label brands…

Retailers that use private label brands have found that private branding

increases as the perceived consequences of making a buying mistake decrease,

increases when the different brands in the category are perceived to vary more in their quality, and

decreases if the category benefits are deemed to require actual trial/experience instead of being assessable through search of package label information

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•Vendor Profitability Analysis Statement is a tool used to evaluate vendors and shows all purchases made the prior year, the discount granted, the transportation charges paid, the original markup, markdowns, and finally the season-ending gross margin on that vendor’s merchandise.

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Two-Seasons Vendor Profitability AnalysisTwo-Seasons Vendor Profitability AnalysisExhibit 9.4

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Confidential vendor analysis:Is identical to the vendor profitability analysis but also provides a three-year financial summary as well as the names, titles, and negotiating points of all the vendor’s sales staff.

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Confidential Vendor AnalysisConfidential Vendor Analysis

Exhibit 9.5 - Sample

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• Class A Vendors are those from whom the retailer purchases large and profitable amounts of merchandise.

• Class B Vendors are those that generate satisfactory sales and profits for the retailer.

• Class C Vendors are those that carry outstanding merchandise lines but do not currently sell to the retailer.

• Class D Vendors are those from whom the retailer purchases small quantities of goods on an irregular basis.

• Class E Vendors are those with whom the retailer has had an unfavorable experience.

Based on the information gathered from the two reports, retailers can then categorize vendors as falling into the following categories:

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Multi-attribute Method for Evaluating Vendors

The multiattribute methodfor evaluating vendors uses a weighted average score for each vendor. The score is based on the importance of various issues and the vendor’s performance on those issues.

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Multiattribute Method for Evaluating Vendors

Performance Evaluation of IndividualBrands Across Issues

ImportanceEvaluation Brand A Brand B Brand C Brand D

Issues of Issues (I) (Pa) (Pb) (Pc) (Pd)(1) (2) (3) (4) (5) (6)

Vendor reputation 9 5 9 4 8Service 8 6 6 4 6Meets delivery dates 6 5 7 4 4Merchandise quality 5 5 4 6 5Markup opportunity 5 5 4 4 5Country of origin 6 5 3 3 8Product fashionability 7 6 6 3 8Selling history 3 5 5 5 5Promotional assistance 4 5 3 4 7Overall evaluation = 290 298 212 341Ij *

i

n

P

1ij

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Evaluating a Vendor: A Weighted Average Approach

I j *i 1

n

P i j = Sum of the expression

I j= Importance weight assigned

to the ith dimension

P i= Performance evaluation for

jth brand alternative on thejth issue

1 = Not important

10 = Very important

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Evaluating Vendors

A buyer can evaluate vendors by using the following five steps:

• Develop a list of issues to consider in the evaluation (column 1)• Importance weights for each issue in column 1 are determined by thebuyer/planner in conjunction with the GMM (column 2)

• Make judgments about each individual brand’s performance on each issue(the remaining columns)• Develop an overall score by multiplying the importance for each issue theperformance for each brand or its vendor

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Selection of Merchandising Sources:Selection of Merchandising Sources:

•Where does this product fit into the strategic position that I have staked out for my department?

•Will I have an exclusive with this product or will I be in competition with nearby retailers?

•What is the estimated demand for this product in my target market?

•What is my anticipated gross margin for this product?

Key Questions

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Selection of Merchandising Sources:Selection of Merchandising Sources:

•Will I be able to obtain reliable, speedy stock replacement?

•Can this product stand on its own, or is it merely a “me-too” item?

•What is my expected turnover rate with this product?

•Does this product complement the rest of my inventory?

Key Questions

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Vendor NegotiationsVendor Negotiations

•Negotiationis the process of finding mutually satisfying solutions when the retail buyer and vendor have conflicting objectives.

•The retailer must negotiate price, delivery dates, discounts, shipping terms, and return privileges.

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Vendor Negotiations- Price FactorVendor Negotiations- Price Factor

•Trade Discount•Quantity Discount•Promotional Discount•Seasonal Discount•Cash Discount•Delivery Terms

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Trade DiscountTrade Discount

• Trade Discount is also referred to as a functional discount and is a form of compensation that the buyer may receive for performing certain wholesaling or retailing services for the manufacturer.

Often expresses in a chain, or series, such as “list less 40-20-10.” The computations would look like this:

List price $1,000Less 40% - 400

600Less 20% - 120

480Less 10% - 48Purchase price $432

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Quantity DiscountQuantity Discount

•Quantity Discount is a price reduction offered as an inducement to purchase large quantities of merchandise.

•Non-Cumulative Quantity Discount is a discount based on a single purchase.

•Cumulative Quantity Discount is a discount based on the total amount purchased over a period of time.

•Free Merchandise is a discount whereby merchandise is offered in lieu of price concessions.

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Quantity DiscountQuantity Discount

• For an example of how a quantity discount works, consider the following schedule:

Order Quantity Discount from List Price1 to 999 0%1,000 to 9,999 5%10,000 to 24,999 8%25,000 to 49,999 10%

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Promotional DiscountPromotional Discount

•Promotional Discount is a discount provided for the retailer performing an advertising or promotional service for the manufacturer.

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Seasonal DiscountSeasonal Discount

•Seasonal Discount is a discount provided to retailers if they purchase and take delivery of merchandise in the off season.

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Cash DiscountCash Discount

Cash Discount is a discount offered to the retailer for the prompt payment of bills.

•End-of-Month (EOM) Dating allows the retailer to take a cash discount and the full payment period to begin on the first day of the following month instead of on the invoice date.

•Middle-of-Month (MOM) Dating allows the retailer to take a cash discount and the full payment period to begin on the middle of the month.

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Cash DiscountCash Discount

•Receipt of Goods (ROG) Dating allows the retailer to take a cash discount and the full payment period to begin when the goods are received by the retailer.

•Extra Dating (Ex) allows the retailer extra or interest-free days before the period of payment begins.

•Anticipation allows the retailer to pay the invoice in advance of the end of the cash discount period and earn an extra discount.

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Delivery TermsDelivery Terms

• Free on Board (FOB) Factory is a method of charging for transportation where the buyer assumes title to the goods at the factory and pays al transportation costs from the vendor’s factory.

• Free on Board (FOB) Shipping Point is a method of charging for transportation in which the vendor pays for transportation to a local shipping point where the buyer assumes title and then pays all further transportation costs.

• Free on Board (FOB) Destination is a method of charging for transportation in which the vendor pays for all transportation costs and the buyer takes title on delivery.

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In-Store Merchandise HandlingIn-Store Merchandise Handling

• Shrinkage is the loss of merchandise due to theft, loss, damage, or bookkeeping errors.

• Vendor collusion occurs when an employee of one of the retailer’s vendors steals merchandise as it is delivered to the retailer.

• Employee theft occurs when employees of the retailer steal merchandise where they work.

• Customer theft is also know as shoplifting and occurs when customers or individuals disguised as customers steal merchandise from the retailer’s store.Hijacking theft of merchandise while in transit.

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5 of the 50 Tricks for Bartenders5 of the 50 Tricks for Bartenders

Exhibit 9.6 - Sample

Past Year Examination Questions

Note: in October 2008, the entire set of compulsory questions tested in Section B was on the topic of Merchandise Buying- Chapter 9. However in order to answer these questions, you also needed to fully understand the techniques of Merchandise Budget found in Chapter 8. This demonstrates why it is important to have wide coverage of reading and practice as exam questions can cover two or more chapters on a combined question.

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October 2008- Section B (12 marks for this question)

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Note: this question covers the topic from Chapter Eight

dc lecture seven : merchandise buying and handling

Business

inventory gmroi

cost average inventory

total inventory

net sales average inventory

retail inventory turnover

inventory turnover andstock

net salesaverage inventory

right merchandise