Look at the slides on Capex, Margins and Inventory Turns for various retail companies. What conclusions can you draw about these companies business models/strategies? Think about product pricing, and what that means for margins. Also think about how these companies and their products are viewed by the marketplace. What aspects of each company's strategy affects its ROE?

Capex, Margins and Inventory Turns Tiffany Kohl's Gap TIE KSS GPS Revenues 4,002 18,686 15,516 Capex 223 768 524 Number of owned stores 313 1,169 3,200 Capex as % of Rev 5.57% 4.11% 3.38% Capex per store 712,460 656,972 163,750 Gross Profit 2,490 6,742 5,640 Adj. EBITDA 930 2,307 1,784 Gross Margin 62.22% 36.08% 36.35% Adj. EBITDA Margin 23.23% 12.35% 11.50% COGS 1,511 11,944 9,876 Average Inventory 2,192 3,917 1,851 Inventory Turns 0.69 3.05 5.34 Days Inventory 529 120 68 Total Equity 3,014 5,177 2,904 Net Income 446 556 676 Return on Equity 14.80% 10.74% 23.28%