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 and Margins JC Sears Penney Tiffany Kohl's Gap HG Gregg Revenues Capex Number of owned stores 22,138 12,547 4,002 18,686 15,516 1,960 13 1,430 1,013 313 ,169 3,200 226 142 427223 768 524 Capex as % of Rev Capex per store 0.64% 3.40% 5.57% 4.11% 3.38% 0.66% 99,301 421,520 712,460 656,972 163,750 57,522 Gross Profit Adj. EBITDA 4,686 4,4762,490 6,742 5,640 534 1,423) 919 9302,307 1,784(19) Gross Margin Adj. EBITDA Margin 21.17% -6.43% 35.67% 7.32% 62.22% 23.23% 36.08% 12.35% 36.35% 11.50% 27.24% -0.94% Capex and Margins JC Sears Penney Tiffany Kohl's Gap HG Gregg Revenues Capex Number of owned stores 22,138 12,547 4,002 18,686 15,516 1,960 13 1,430 1,013 313 ,169 3,200 226 142 427223 768 524 Capex as % of Rev Capex per store 0.64% 3.40% 5.57% 4.11% 3.38% 0.66% 99,301 421,520 712,460 656,972 163,750 57,522 Gross Profit Adj. EBITDA 4,686 4,4762,490 6,742 5,640 534 1,423) 919 9302,307 1,784(19) Gross Margin Adj. EBITDA Margin 21.17% -6.43% 35.67% 7.32% 62.22% 23.23% 36.08% 12.35% 36.35% 11.50% 27.24% -0.94%