P5-2 Assessing short-term liquidity The following table reports the operating cycle, cash conversion cycle. ant current ratio for three apparel retailers all having year-ends at January 31 2015. Aeropostale, which was originally owned by Macy's, is a specialty retailer of casual apparel and accessories targeting 14- to 1 7-year olds. The GAP built its brand name on basic, casual clothing and expanded its market by opening Banana Republic and Old Navy Stores. Ross Stores operates Ross Dress for Less"Er stores, which primarily target middle- income households. Aeropestal GA Rose a P Stores Days inventory held 36.8 68.? 60.5 Days accounts receivable outstanding 0.0 0.0 2.2 Days accounts payable outstanding 23.3 43.6 40.3 Operating cycle (1 + 2) 36.8 68.2 62.? Cash conversion cycle [1 + 2 - 3) 8.5 25.1 22.4 Current ratio 1.26 1.33 1.36