2001 Working Capital Survey - Chart 13



Behind the Rankings

The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

Sources: REL Consultancy Group, Piranha Web

Back to "Forget the Float? — The 2001 Working Capital Survey"

Over- all RankCompany NamePrior Year SalesCash Conver. Effic.Days Working CapitalDays Sales Outst.Inven. TurnsDays Payable Outst.
233CASEY S GENERAL STORES INC$1,6536%619(1)42112512013928
245WILD OATS MARKETS INC$8386%632252151323225618
278PUBLIX SUPER MARKETS INC$13,0696%6705712171323418833
280WHOLE FOODS MARKET INC$1,8397%567141324441225510965
296PANTRY INC$2,4324%7401504431815919824
3217 ELEVEN INC$9,3464%76057087153608977
344WEIS MARKETS INC$2,0616%64922190656934814911
356KROGER CO$45,3524%7699915491029122692
361ALBERTSON S INC$37,4784%730141334451226717864
381INGLES MARKETS INC$1,9163%78511107546838827537
417DELHAIZE AMERICA INC$12,6705%71625212765743820771
421SUPERVALU INC$20,3392%835111139851422722703
426GREAT ATLANTIC & PACIFIC TEA CO INC$10,1514%77619160873935519813
430GRAND UNION CO$2,2050%940(1)417631030636310
431WINN DIXIE STORES INC$13,6984%75322192439841017873
434RUDDICK CORP$2,6834%750231961196837920792
453FOODARAMA SUPER- MARKETS INC$8862%85813124211152017979
455SUPER- MARKETS GENERAL HOLDINGS CORP$3,6980%928574131816210963
470MARSH SUPER- MARKETS INC$1,7902%851171518741127816887
486FLEMING COS INC$14,4441%91212116121011421624635
488SYSCO CORP$19,3033%79425221292391618521731
498NASH FINCH CO$4,0162%85420172141121422217868
510EAGLE FOOD CENTERS INC$9331%899181556531032016880
518SMART & FINAL INC$1,8643%82627232141161031820777
524PERFOR- MANCE FOOD GROUP CO$2,6051%88021187231801718020789
564FRESH AMERICA CORP$6700%9322016839370526325589
784UNITED NATURAL FOODS INC$9090%9375347726209745015891
422Industry Average$8,4763% 15 10 15 19 

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