Huettner - Final Project Excel

Huettner - Final Project Excel - Sears Income Statement...

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Sears Income Statement Year Ending December 31, 1997 Horizontal Analysis Vertical Analysis 95/96 Change 96/97 Change Delta 1997 1996 1995 1997 1996 1995 Amount % Amount % % Revenues Merchandise sales and services $36,371 $33,751 $31,133 $2,618 8.41% $2,620 7.76% -7.69% 88.1% 88.7% 89.4% Credit revenues 4,925 4,313 3,702 611 16.50% 612 14.19% -14.03% 11.9% 11.3% 10.6% Total revenues 41,296 38,064 34,835 3,229 9.27% 3,232 8.49% -8.40% 100.0% 100.0% 100.0% Costs and Expenses COGS (26,769) (24,889) (23,160) (1,729) 7.47% (1,880) 7.55% 1.18% -64.8% -65.4% -66.5% Selling and administrative (8,331) (8,059) (7,428) (631) 8.49% (272) 3.38% -60.27% -20.2% -21.2% -21.3% Provision for uncollectable accounts (1,532) (971) (589) (382) 64.86% (561) 57.78% -10.92% -3.7% -2.6% -1.7% Depreciation and amortization (786) (697) (580) (117) 20.17% (89) 12.77% -36.70% -1.9% -1.8% -1.7% Interest (1,409) (1,365) (1,373) 8 -0.58% (44) 3.22% -653% -3.4% -3.6% -3.9% Reaffirmation charge (475) - - - (475) -1.2% 0.0% 0.0% Total costs and expenses (39,302) (35,981) (33,130) (2,851) 8.61% (3,321) 9.23% 7.26% -95.2% -94.5% -95.1% Operating income 1,994 2,083 1,705 378 22.17% (89) -4.27% -119% 4.8% 5.5% 4.9% Other income 106 22 23 (1) -4.35% 84 382% -8882% 0.3% 0.1% 0.1% Income before taxes 2,100 2,105 1,728 377 21.82% (5) -0.24% -101% 5.1% 5.5% 5.0% Income tax (912) (834) (703) (131) 18.63% (78) 9.35% -49.81% -2.2% -2.2% -2.0% Income from continuing operations 1,188 1,271 1,025 246 24.00% (83) -6.53% -127% 2.9% 3.3% 2.9% Discontinued operations - - 776 (776) -100% - -100% 0.0% 0.0% 2.2% Net income $1,188 $1,271 $1,801 (530) -29.43% (83) -6.53% -77.81% 2.9% 3.3% 5.2% Ratios AR Days 1997 1996 Gross margin 26.40% 26.26% 25.61% AR 21,291 20,439 Profit margin 3.27% 3.77% 5.78% Average AR 20,865 Operating margin 5.5% 6.2% 5.5% Net Sales 36,371 Return on equity 21.99% AR Turnover 1.74 Return on assets 6.94% AR Days 209 Asset turnover (excl. credit revenue) 0.94 0.93 Stock Price Dec 1997 $45.25 AP Days 1997 1996 Shares (millions) 390.90 391.40 AP 6,637 7,225 Market Cap (billions) 17.69 Average AP 6,931 EPS 3.04 3.25 COGS (26,769) Price/Earnings 14.89 AP Turnover 3.86 Dividends paid 441 394 607 AP Days 94.51 Dividend/net income 37% 31% 34% Dividend yield 2.49% Inventory Days 1997 1996 Book Value 15.00 12.63 Inventory 5,044 4,646 EVA (impossible b/c don’t know cost of capital) Average Inv. 4,845 Current Ratio 1.94 1.90 COGS (26,769) Acid test ratio 1.30 1.36 Inv. Turnover 5.53 Debt/interest 23.31 22.87 Inventory Day 66.06 Working Capital 14,892 13,497 Debt Ratio 0.85 0.86 Times interest earned 1.42 1.53 1.24 Solvency 6.08% 6.55% Sales/fixed assets 5.67 5.74 Percent change Trend Analysis (1995 base year) 1996 1997 Revenues Merchandise sales and services 8.41% 16.82% Credit revenues 16.50% 33.04% Total revenues 9.27% 18.55% Costs and Expenses COGS 7.47% 15.58% Selling and administrative 8.49% 12.16% Provision for uncollectable accounts 64.86% 160.10% Depreciation and amortization 20.17% 35.52% Interest -0.58% 2.62% Reaffirmation charge
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Huettner - Final Project Excel - Sears Income Statement...

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