A F G H K L M N o R S T B C D E Financial Statements for Walmart Stores Inc. and Macy's Inc 1 2 3 Walmart 469162 352488 116674 88873 Macy's 27931 16725 11206 8440 88 2678 388 134 2290 ROE= (Net Income)/(Average Shareholder Equity) ROA = (Net Income+[Interest Expensex(1-Tax_Rate))/(Average Total Assets) ROFLEROE-ROA Profit Margin=(Net Income+[Interest Expensex(1-Tax_Rate)]/(Sales Revenue) Asset Turnover=(Sales Revenue)/(Total Assets) APT=(cost of Goods Sold)/(Accounts Payable) ARTE(Sales Revenue)/(Accounts Receivable) INVT=(Cost of Goods Sold)/Inventories PPET=(Sales Revenue)/(PP&E) C2C (year)=-(1/APT)+ (1/ART)+(1/INVT) C2C (week)=C2C (year) *52 4 4 5 6 7 3 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 27801 2251 187 25737 7981 17756 804 1486 Walmart Macy's ROE= Year ended January 31, 2013 ($ millions) Net operating revenues Cost of goods sold Gross profit Selling, general, and administative expense Other Costs Operating income Interest expense Other income (loss)--net Income before income taxes Income taxes Net Income Assets Cash and Cash Equivalents Net Receivables Inventory Prepaid expenses and other Total Current Assets Property, Plant, and Equipment Goodwill Other intangible assets Other Assets Total Assets Liabilities and Stockholder Equity Accounts Payable Short-Term Debt Total Current Liabilities Long-Term Debt Other Liabilities Total Liabilities Stockholder Equity 7781 6768 43803 1588 59940 116681 20497 1836 371 5308 361 7876 8196 ROA ROFL= Profit Margin= Asset Turnover= APT= ART= INVT= PPET= C2C (year) C2C (weeks) 3743 561 24 5987 203105 615 20991 25 26 27 4951 28 124 59099 12719 71818 41417 29 5075 30 31 32 6806 3059 14940 121367 81738 6051 33 34 35 36 37