supply chain management - wal-mart case
TRANSCRIPT
Supply Chain Management – Case Analysis
Ivey Case Study
Supply Chain Management at Wal-
Mart
For: Dr. Chirag Surti BUSI 2604U
Prepared By:
Jeremy Abbaterusso 100217118
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TABLE OF CONTENTS
Introduction and Summary…………………………………………………………………. . 3 Supply Chain……………………………………………………………………….. ……… .4
Logistics…………………………………………………………………………….. .4 Purchasing and Operations…………………………………………………………...6 CPFR and the Bullwhip Effect……………………………………………………….7
Information Technology……………………………………………………………………. .8 Future Initiatives……………………………………………………………………. .9
REMIX……………………………………………………………………….9 RFID……………………………………………………………………….....9
Performance………………………………………………………………………………..... 11 Other Information Recent Failures……………………………………………………………………………….15 Conclusion……………………………………………………………………………………17
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Introduction and SummaryIntroduction and SummaryIntroduction and SummaryIntroduction and Summary
Research opens many windows into the thinking of various types of business throughout the
world. In researching Wal-Mart and analyzing this case it has opened the window to the ability
of a small town business man of Bentonville, Arkansas. This man is the legendary Sam Walton.
Who, in 1962, created his “Wal-Mart Discount City”, however before coming to the opportunity
of Wal-Mart; Sam Walton owned a number of Ben Franklin Store Chains. In having this prior
experience of owning smaller variety stores and dealing with its franchised supply chain, this
allowed Mr. Walton to learn various business concepts and also was able to selectively purchase
merchandise in bulk from new suppliers and then transport these goods to his stores directly.
This is when the realization and opportunity of “discount retailing” first evolved and was set to
become a major influence in future business. This is, in my opinion, the spark of the “Everyday
Low Price” (EDLP) strategy developed for the Wal-Mart chain. A quote which best shows and
illustrates this evolved prediction talks about the overall sales achievement by Wal-Mart, it is as
follows,
“Wal-Mart does not like to get it wrong, not that in retailing terms it often has. After all,
Wal-Mart reached the landmark of $1 billion annual sales in 1979, then achieved $1
billion sales in a week in 1993 before making $1 billion in sales in a day in 2001.”1
Other then the initial concept of EDLP Wal-Mart owes a lot of its success to its strategies and
efforts in purchasing, distribution, retail, and information systems. In the early years the
companies’ competitive advantage was its supply chain. In fact, as taken from the case, “Wal-
Mart was voted “Retailer of the Decade” in 1989; its distribution costs were estimated at 1.7 per
1 Brun, S.D., “Wal-Mart World: The World’s Biggest Corporation in the Global Economy,” 2006, pp. 27.
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cent of its cost of sales, comparing favorably with competitors such as Kmart (3.5 percent of
total sales) and Sears (five percent of total sales).”2
Current issues facing Wal-Mart’s supply chain is duplicating its success in the United States into
foreign markets. As of now they have largely developed in Canada and Mexico, however when it
comes to international markets something is holding back the success found on North American
soil. Other constraints currently effecting Wal-Mart’s supply chain is having the competition
borrowing ideas that have worked so well for them, making the gap smaller and smaller each
year in overall market share.
Supply ChainSupply ChainSupply ChainSupply Chain
As mentioned above the initial competitive advantage for Wal-Mart was its supply chain
management. This would only improve during the 1960’s to 1980’s from improved road
infrastructure and the inability of its competitors to keep up to changes in legislation. The main
change would be the removal of “resale price maintenance,” which had prevented retailers from
discounting merchandise. A strong and efficient supply chain is the key to distribution and
keeping their customers satisfied with the promise of “Everyday Low Prices.” Things within the
supply chain in which Wal-Mart excelled at would include logistics, purchasing, retail decisions,
and limiting the overall bullwhip effect of the supply chain.
Logistics
Logistics involves the integration of information, transportation, inventory, warehousing,
material-handling, and packaging within an organization. With Wal-Mart this was stemmed from
Mr. Walton’s idea of “discount retailing.” It was with this idea and the lack of transportation to
2 Discount Store News, “Low distribution costs buttress chain’s profits”, 18 December 1989.
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the small area of Bentonville, Arkansas that Walton invested early in a distribution center in
which he would fleet his own trucks. This expansion came with the furthered benefits of bringing
down his cost per unit. The companies’ stores were located in low-rent, suburban areas, close to
major highways. This was for easy transportation and to also make the distribution of products
more efficient and cost effective. The key attributes to Wal-Marts hugely developed logistics
department is:
- Cross docking or direct transfers from inbound or outbound trailers without extra storage
- Working with suppliers to standardize case sizes and labeling - The 7,800 drivers at Wal-Marts finger tips
� Non-unionized and in-house � Delivered majority of merchandise across the U.S.
- Average distribution centre to store was approximately 130 miles - “back-haul” revenue – transportation of unsold merchandise on trucks that would be
otherwise empty
The cross docking system was originated by Wal-Mart this innovation allows a distribution
center to direct incoming shipments straight to a cross-docking system, products are delivered to
a warehouse on a continual basis, where they are stored, repackaged, and distributed to stores
without sitting in inventory. Goods “cross” from one loading dock to another, usually in 24 hours
or less.3 While working with suppliers on labeling will increase efficiency in transporting goods
from distribution centers to retail stores.
Another vital implementation of Wal-Marts supply chain is its in-house non-unionized truck
drivers. Using trucks as a mode as transportation will provide flexible point-to-point service,
delivering small quantities with less risk. Also since the distribution centers are on average 130
miles away from retail stores its relatively inexpensive especially with the ingenious idea of
3 Russel, Taylor, “Operations Management: Creating Value Along the Supply Chain,” 2009, pp. 440.
Supply Chain Management – Case Analysis
“back-hauling”. This concept allows
have just dropped off inventory to the retail store from the distribution center. This means that
the Wal-Mart trucks leaving and coming back to the distribution center are never empty.
The figure below shows how many days of supply W
competitors has in its stores. Keep in mind inventory is held in stock as a way to provide
insurance against supply chain uncertainty. As seen in this chart Wal
precise its inventory levels are a
in warehousing and storage fees
Purchasing and Retailing Operations
When purchasing products any business will look for one thing
successfully developed a discount retailing system which not only cuts out the middle man, but
increases the supply chain management
efforts with suppliers in the many key attributes to SCM. These efforts include increased
information, communication, cooperation, and trust
Case Analysis
This concept allows transportation of unsold merchandise back on trucks that
have just dropped off inventory to the retail store from the distribution center. This means that
Mart trucks leaving and coming back to the distribution center are never empty.
The figure below shows how many days of supply Wal-Mart in comparison with its top
competitors has in its stores. Keep in mind inventory is held in stock as a way to provide
insurance against supply chain uncertainty. As seen in this chart Wal-Mart’s supply chain is so
lot lower then there competitors. This subsequently
for the end consumer increasing Wal-Mart’s net income
and Retailing Operations
When purchasing products any business will look for one thing – low costs. Wal
successfully developed a discount retailing system which not only cuts out the middle man, but
supply chain management of their company. This is done through sufficient
the many key attributes to SCM. These efforts include increased
information, communication, cooperation, and trust amongst Wal-Mart and it’s over 9
Company
1. Wal
2. Kroger Co.
3. Costco Wholesale Corp.
4. Target Corp.
5. Sears Holdings Corp.
* Information was collected using
excel sheet can find raw data at
the end of the case analysis
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back on trucks that
have just dropped off inventory to the retail store from the distribution center. This means that
Mart trucks leaving and coming back to the distribution center are never empty.
Mart in comparison with its top
competitors has in its stores. Keep in mind inventory is held in stock as a way to provide
Mart’s supply chain is so
competitors. This subsequently lowers cost
Mart’s net income.
low costs. Wal-Mart has
successfully developed a discount retailing system which not only cuts out the middle man, but
ugh sufficient
the many key attributes to SCM. These efforts include increased
Mart and it’s over 90,000
Company
1. Wal-Mart Stores
2. Kroger Co.
3. Costco Wholesale Corp.
4. Target Corp.
5. Sears Holdings Corp.
Figure 1
* Information was collected using
excel sheet can find raw data at
the end of the case analysis
Supply Chain Management – Case Analysis
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suppliers worldwide. This contributes to collaborative planning, forecasting, and replenishment
(CPFR) which is the process of two or more companies in a supply chain to synchronize their
demand forecasts into a single plan to meet customer needs.
In fact Wal-Mart to better allocate shelving needs and harness the knowledge of its suppliers
elects “key category suppliers” called “category captains.” These captains provide input on shelf
space allocation. Captains need to work with its competition, for example, a paper supplier such
as Hilroy, if chosen to be a category captain, would be in charge of creating a mix of products
between themselves and their competitors to make sure Wal-Mart is making the best use of its
shelf space. If there is a scenario where the captain is promoting its own products at the expense
of Wal-Mart’s revenue, the retailer may name a new captain in its stead.
Other attributes which contribute to Wal-Mart’s success in terms of purchasing and retail strategy are:
- The display of merchandise by a storewide template - Customizing store products which correspondence with the community it is located in - Distribution centers had close to real time information of each stores stock levels - The ability to negotiate with suppliers for a single invoice price and did not pay for
operate advertising, discounting, or distribution - Having suppliers accept payment entirely on Wal-Marts terms, while sharing information
all the way back to the purchasing of raw materials
CPFR and the Bullwhip Effect
All these steps have allowed Sam Walton’s empire to increase its company’s relationship with
suppliers by using a collaboration planning, forecasting, and replenishment model. This will
coincidently, along with the income smoothing of having everyday low costs, reduce the
bullwhip effect, lower costs, increase capacity utilization, and improve customer service levels.
The income smoothing concept is since Wal-Mart uses resourceful use of CPFR it will
sufficiently lower the bullwhip effect. This effect is caused by slight demand variables which are
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magnified as information moves back upstream from consumer back the raw materials in the
supply chain.
Another benefit of reducing the bullwhip effect and successful CPFR in its supply chain
management techniques is reducing the uncertainty and lowering the amount of inventory needed
in house. Uncertainty will have the negative effects of lateness and incomplete orders between
Wal-Marts distribution centers. However in having a sufficient supply chain management system
in place it will lower the amount of inventory needed in house and insure against supply chain
uncertainty.
The efficiency can be proven by a researcher who marked, “Consumers certainly love Wal-
Mart’s low prices, which are an average of eight per cent to 27 percent lower than the
competition.”4
Information TechnologyInformation TechnologyInformation TechnologyInformation Technology
Information technology to Mr. Walton’s company will link all aspects of the supply chain. He
always knew that information technology would play a vital role in the rise of his company. In
fact when he had 20 stores under his name he attended an IBM school in upstate New York with
the intent of hiring the smartest person in the class to computerize his operations. The key
attributes to Wal-Mart’s information technology is:
- Mr. Walton’s use of a personal airplane to visit store locations in the early years - In the mid 1980’s the investment in central database, store-level point-of-sale systems,
and a satellite network � First chain wide implementation of UPC bar codes (store level information
was now collected instantaneously and analyzed) � Allowed senior management to broadcast video messages to stores
- 1990’s introduction of Retail Link 4 William Beaver, “Battling Wal-Mart: How Communities Can Respond, “Business and Society Review, New York:
Summer 2005. Vol. 110, Issue 2; pg. 159.
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- Vendor-managed inventory programs
Retail Link was a huge step in the right direction for Wal-Marts information system. This system
was, “estimated at 570 terabytes – which Wal-Mart claimed was bigger then all the fixed pages
on the internet.” This database, located in Bentonville, AR, is connected to Wal-Mart’s internal
analysts who forecast demand with suppliers, also it is connected to the supplier network which
displays sales data in real time, and is directly connected to Wal-Mart’s distribution centers. The
order in which the data is collected is from the store network, then the sales data is collected at
the cash registers, in which the information is simultaneously sent to the retail link database via a
global satellite transmission. This global satellite system and database has given Wal-Mart a
large competitive advantage to other retailers who are just catching up now.
Future Initiatives
REMIX
The global satellite system, discussed above, was one of the first company owned satellite
systems in place. This technology has extremely benefited Wal-Mart in its recent years
especially in the introduction to high velocity items, such as lettuce, bread and other grocery
products. However, the integration of a “remix” strategy has changed the distribution methods
for high velocity items which are now cross docked in smaller warehouses and have lower
automation processes from the farmer to the retail store. The change in distribution strategy of
one distribution center serving a cluster of stores to adding food distribution centers to handle
these high velocity items is a future initiative by Wal-Mart.
RFID
Now that Wal-Mart has taken over the U.S., as seen below in figure 2, can it still advance and
improve its supply chain to continually out due the competition. Two future objectives for Wal-
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Mart are the initiatives of “Remix” (discussed above) and RFID (radio frequency identification
tags).
The RFID tag initiative is something Wal-Mart has been instilling into their supply chain to
increase the ability of tracking inventory. The goal here is to increase in-stock rates at store level.
This will be achieved by mandating RFID tags on merchandise shipped by Wal-Mart’s top 100
suppliers. The one major downfall with this system is that it will cost about 17 cents per tag
increasing prices on a per unit basis. However, the main advantage to counter act this price is
being able to find inventory that may be lost or mislabeled out of stock and also replenish items
on store shelves at a faster rate. Also, Wal-Mart retail stores would have the ability to put RFID
tag readers in several parts of the store: at the dock where merchandise came in, throughout the
backroom, at the door from the sales floor, and in the box crushing area. With these readers in
place it allows managers to keep track of the location of their stores inventory. Although the
costs benefit trade off is a concern with this technology Wal-Mart is adapting it, but hoping for
suppliers to accelerate the RFID development.
Figure 2
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The map above shows the concentration of Wal-Mart stores (all
formats) in the U.S. as of 2004. Many more stores have been built over
the last three years, especially in the Western and Midwestern U.S.,
where Wal-Mart has less store concentration.5
PerformancePerformancePerformancePerformance
Using exhibit 1 on page 12, calculate the % increase in sales, inventory, and GPROI for Wal-Mart using 2000 as the base year.
Wal-Mart Key Financial Figures -
Increases and GPROI
2000 2001 2002 2003 2004 2005 2006 % Increase in Sales N/A 15.70% 30.57% 46.96% 64.05% 82.54% 99.95%
% Increase in
Inventory N/A 8.76% 14.29% 26.46% 37.91% 54.24% 66.83%
GP $ (in millions)
34,424
40,067
44,914
51,317
57,582
65,429
72,036
GPROI % 178.40 190.91 203.66 210.31 216.38 219.84 223.78
Percentage of
Increase from 2000 N/A 7.01% 14.16% 17.89% 21.29% 23.23% 25.44%
Comments:
The increase in sales and inventory on Wal-Mart’s key financial figures are steadily growing. In
using the year 2000 as the base year this gives a well constructed growth comparison for both
sales and inventory as well as a percentage increase of GPROI. For example from the year 2000
to 2006 sales have increased 99.95%, this comparison is more effective then looking at just a
increase from 2005 to 2006. Improvements in Wal-Mart’s supply chain can also be noticed in the
data this is taken from the lowering of inventory being held on a year to year basis in
correspondence with sales. In analyzing this data I would want to look further into reasoning
5 http://naturalspecialtyfoodsmemo.blogspot.com/2007_10_01_archive.html, accessed 1 February 2010.
Figure 3
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why in 2001 to 2002 inventories levels grew at only 5.53% and then more than doubled to an
increase of 12.17 percent in-between 2002 and 2003. Overall efficiency has definitely attributed
to the success on Wal-Mart’s key financial figures one area of concern would be the leveling off
of GPROI from 2003. One way to correct this problem would be finding ways to lower inventory
costs or the installation of RFID tags discussed previously to make sure where inventory is at all
times subsequently bringing down the amount of out-of-stock inventory which was not properly
accounted for.
Using exhibit 3 on page 14, calculate the COGS, SG&A, net income, inventory, and assets as a % of sales for each retailer.
Percentage of Sales for Each
Retailer
Company Segment
COGS %
SG&
A %
Net
Income %
Inventori
es %
Asset
s %
Albertsons Inc. Grocery
71.95 24.98 1.11 7.52 44.28
Costco Wholesale
Corp. Wholesale
87.55 9.53 2.01 7.58 31.20
Federated
Department Stores Department
59.28 31.17 6.28 24.38
148.1
Gap Inc. Clothing
63.37 25.74 6.95 10.58 55.05
Kroger Co.
Grocery
75.25
18.21
1.58
8.07
33.82
Sears Holdings Corp. General Merchandise
72.28 21.90 1.75 18.46 62.24
Safeway Inc. Grocery
71.07 28.93 1.46 7.20 41.02
Target Corp.
General Merchandise
and Grocery
66.38 21.26 4.58 11.09 66.51
Wal-Mart Stores
General Merchandise
and Grocery
76.94 18.16 3.59 10.30 44.23
Figure 4
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Comments:
The above calculations show Wal-Mart and its competitor’s percentage of sales for various areas.
The first area is the cost of goods sold in which Wal-Mart is in the middle of its competitors at
76.94%. Your cost of goods sold reflects the amount of money it has taken to the production of
the goods sold by a company. Indirect costs would not be reflected in this data collection. Since
this data has been collected from sales it gives a good comparison of how the company is doing
in contrast with its competitors. Wal-Mart would obviously want this number to drop and in
doing so would raise their gross profit return on investment.
The selling, general and administration costs would include many costs for the company. For
example Wal-Mart’s selling costs would include salaries, advertising expenses, etc. While
general costs would include operating expenses and taxes that are directly related to the
operation of the company. The overall administration costs would be associated with the cost of
executive salaries and other taxes not dealt with in the operation of the company itself. On the
list above Wal-Mart is placed number two at 18.16%. However, I believe Wal-Mart should get
more credit in being general merchandise and a grocery retailer and just not a wholesaler, such as
Costco. This is because with more items and supplies in stock this creates more jobs which raise
the cost of expense on the company. This would be the same for the Kroger Company which is a
grocery chain and SG & A costs would be substantially lower.
Net income is the income a firm would have after subtracting all its cost. This is an area I think
Wal-Mart would need to improve in as it is settled in the middle of all its competitors. Something
to keep in mind is with expensive initiatives such as “remix” and inserting RFID tags and
readers, and also the attempts to go global these costs would be reflected in Wal-Mart’s net
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income. Therefore the actually amount of NI may be higher in comparison to its competitors, but
is being weighed down from future beneficial streams of revenue.
For a company’s inventories and assets it would depend on what kind of system and supply chain
the company has in place. For example in Wal-Mart’s supply chain we discussed its cross
docking system which would limit the amount of inventory. Also with Wal-Mart being able to
share and work so closely with its suppliers it brings down the amount of inventory needed as
insurance against variable demands. In being in the middle of the group for inventory and assets
it shows that Wal-Mart’s supply chain is running efficiently especially when comparing the size
of each firm and the amount of stores under each retail chain. As for assets this number would be
lower, but you have to remember Wal-Mart puts most its retail stores in suburban areas, close to
highways. The one benefit of doing this is the cost of starting up is a lot lower and the
opportunity of real estate market values rising, otherwise assets, going up are very promising.
Using exhibit 3 on page 14, calculate the GPROI for its competitors
Gross Profit Return on Investment of Competitors
Company Segment
GP $ GPROI % Albertsons Inc. Grocery
11,320 372.86
Costco Wholesale Corp. Wholesale
6,588 164.08
Federated Department Stores Department
9,118 167.03
Gap Inc. Clothing
5,869 346.05
Kroger Co. Grocery
14,988 306.75
Sears Holdings Corp. General Merchandise
13,619 150.19
Safeway Inc. Grocery
11,113 401.77
Target Corp. General Merchandise and Grocery
17,693 303.07
Wal-Mart Stores General Merchandise and Grocery
72,036 223.78
* In millions
Figure 5
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Comments:
As you can see above when it comes to gross profit Wal-Mart is four times the amount of its
closest competitor Target. The astonishing 72, 036 million Wal-Mart generates in gross profit is
the amount of revenue Wal-Mart has after deducting overhead, payroll, taxes, and other costs of
doing business. Obviously Wal-Mart is far superior to its competitors in this category. In
discussing the gross profit return on inventory the numbers here are extremely low as to what I
expected and I’m sure Wal-Mart would like to see on its financial figures. Your GPROI would
analyze a firm's ability to turn inventory into cash above the cost of the inventory. Gross profit
return on inventory (GPROI) is a "turn and earn" metric that measures inventory performance
based on both margin and inventory turnover. In essence, GPROI answers the question, "For
every dollar carried in inventory, how much is earned in gross profit.”6 Therefore, work should
be done in assuring Wal-Mart is taking full advantage of its inventory. Hopefully in installing
RFID tags and readers in the retail stores it will allow for quicker and more proficient means of
finding inventory, this could subsequently alleviate the issue.
Other InformationOther InformationOther InformationOther Information
Recent Failures
Although some would have you believe Wal-Mart’s success has been a continuous rise to the top
they have had to overcome many obstacles along the way. Some of these obstacles would
include bad press from environmental effects of large business, the negative aspects to
globalization, and overcoming obstacles in breaking into foreign markets. Another thing to keep
6 http://www.investopedia.com/terms/g/gmroi.asp, accessed 2 February 2010.
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in mind is Wal-Mart is not only the world’s largest corporation but it’s also “the world’s most
sued corporation.”7
In the past few years with continuing to seek improvements in its supply chain they projected
that its internal goal was to cut its inventory growth rate to half of its sales growth rate.
Unfortunately at the end of 2006 this internal goal has yet to be reached.
Wal-Mart has also taken on an aggressive plan to go global. With much success in expanding
into Canada and Mexico, Wal-Mart also tried adopting its success strategies in markets such as
South Korea and Germany. Unfortunately for the company they were forced to pull out of Korea
in 2006 selling its 16 stores to country’s biggest discount chain and exited the German market
with a loss of about $1 billion. A reason for its failures in these global markets is Wal-Marts
success has stemmed from effective strategies in its early stages by experimenting and adopting
ways in which to lower costs. However, in Germany especially, these experimenting tactics are
discouraged by the German governance restricting the overall effectiveness to beat out the
competition.
“Wal-Mart is a retail phenomenon because of a set of characteristics that define its retail concept. The most important of these is “everyday low prices,” which are achieved by economies of scale, purchasing power over suppliers, and a highly efficient sales forecasting and replenishment system that incorporates state-of-the-art information processing and supply chain logistics systems.”8
With restrictions being imposed by international governing bodies this limits Wal-Mart’s retail
concept and limits their ability to prosper in these specific foreign markets.
7 Brun, S.D., “Wal-Mart World: The World’s Biggest Corporation in the Global Economy,” 2006, pp. 96.
8 Brun, S.D., “Wal-Mart World: The World’s Biggest Corporation in the Global Economy,” 2006, pp. 262.
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ConclusionConclusionConclusionConclusion
Sam Walton is a perfect example of how a company can prosper with the right business strategy
and an integration of an innovative and proficiently managed supply chain. From little
Bentonville, Arkansas, to the United States, to North America, and future objectives of complete
globalization Wal-Mart will continue to be a template for similar business.
I thoroughly enjoyed this case and learning from a supply chain management standpoint how it
can not only benefit a company, but be used as a competitive advantage for negotiation with
suppliers.
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Raw data for Figure 1Raw data for Figure 1Raw data for Figure 1Raw data for Figure 1
Days Of Supply For
Top Five
Competitors
Company Segment Sales COGS SG&A
Net
Inco
me
Inven
torie
s
Wal-Mart Stores
General
Merchandise and
Grocery 312,427 240,391 56,733 11,231 32,191
Kroger Co. Grocery 60,553 45,565 11,027 958 4,886
Costco Wholesale Corp. Wholesale 52,935 46,347 5,044 1,063 4,015
Target Corp.
General
Merchandise and
Grocery 52,620 34,927 11,185 2,408 5,838
Sears Holdings Corp.
General
Merchandise 49,124 35,505 10,759 858 9,068
AAV of
Invento
ry
COGS
per
day
Days
of
Supply
9.71 658.61 1.47363
12.39 124.84 9.92759
13.18 126.98 10.3831
9.01 95.69 9.41929
5.42 97.27 5.56911