2001 Working Capital Survey-Chart 30

Textiles & Apparel


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"

Overall RankCompany NamePrior Year SalesCash Conver. Effic.Days Working Cap.Days Sales Outst.Inven. TurnsDays Payable Outst.
393TIMBERLAND CO$1,09113%2716861333296471814925
395UNIFI INC$1,28013%2487364958646839024630
500TOMMY HILFIGER CORP$1,97713%243887814342147646988
542JONES APPAREL GROUP INC$4,14310%3937365134313477421727
570WARNACO GROUP INC$2,1149%437736605661829299020
584LIZ CLAIBORNE INC$3,1048%4966961636323479027554
595CYRK INC$9894%76745409464681323325606
652NAUTICA ENTERPRISES INC$62111%3499481464728474517870
709WESTPOINT STEVENS INC$1,8167%5588273417140383417863
742V F CORP$5,7488%5309180147477480122699
749POLO RALPH LAUREN CORP$1,9497%5798878236331392424640
754REEBOK INTER- NATIONAL LTD$2,8657%5868878055608473121723
756NIKE INC$8,9958%4879682364726472621726
779CONE MILLS CORP$6162%8526357217143557115889
786BROWN SHOE CO INC$1,5934%7667567317135390928514
790GUILFORD MILLS INC$8149%46910385068781560424633
827DONNA KARAN INTER- NATIONAL INC$6621%9216357043423561434355
836PHILLIPS VAN HEUSEN CORP$1,2712%8347769423178479611948
849OXFORD INDUSTRIES INC$8404%7728776848501469328524
888SPRINGS INDUSTRIES INC$2,2755%69810586347479475717858
931GALEY & LORD INC$9583%78111690072825564625615
934KELLWOOD CO$1,5653%80211689967760476126580
942RUSSELL CORP$1,21810%38316096959659295119809
956HARTMARX CORP$6815%71014495271808388421748
962DAN RIVER INC GA$6635%72314595353570390319796
974WOLVERINE WORLD WIDE INC$7016%67816297487911388311962
986FRUIT OF THE LOOM LTD$1,835-5%99214595428235296024638
755Industry Average$1,9406% 96 48 4 23 

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