Use the data provided in the attached Excel spreadsheet to conduct a thorough financial analysis You must use common sized statements and ratios and your analysis must be both longitudinal and cross sectional Additionally, you should give compound annual growth rates for key categories (such as revenue, but you must decide which others will contribute to your understanding of the company) Use tables to display your results, but include a narrative to explain what your tables reveal SELECTED FINANCIAL DATA FOR WHOLE FOODS (Longitudinal) Data are in $Millions INCOME STATEMENT 2012 2011 2010 2009 2008 Sales 11698 10108 9006 8032 7954 Cost of Goods sold 7543 6571 5870 5277 5247 Gross profit 4155 3537 3136 2755 2707 Direct store expenses 2983 2629 2377 2147 2109 General administration expenses 372 311 272 244 270 Pre opening expenses 47 41 38 49 56 Relocation termination lease termination 10 8 11 31 37 Operating Income 743 548 438 284 236 Interest Expense 0 354 4 33 37 36 Investment and other income 9 8 7 3 7 Income before taxes 752 552 412 251 207 Provision for taxes 286 209 166 104 92 Net income 466 343 246 147 115 BALANCE SHEET 2012 2011 2010 Current Assets Cash and cash equivalents 89 212 132 Short term investments 1131 442 330 Restricted cash 103 92 87 Accounts receivable 197 175 133 Merchandise inventories 374 337 324 Prepaid expenses and other current assets 77 74 55 Deferred income taxes 132 121 101 Total current assets 2103 1453 1162 Property and equipment, net 2193 1997 1886 Long term investments 221 53 96 Goodwill 663 663 665 Intangible assets, net 62 67 69 Deferred income taxes 43 50 99 Other assets 9 9 9 Total Assets 5294 4292 3986 Current liabilities Current installments of capital leases 1 0 5 0 4 Accounts payable 247 237 213 Accrued payroll 307 282 244 Dividends payable 26 18 Other current liabilities 396 343 290 Total current liabilities 977 879 748 Long term capital leases 23 17 508 Deferred lease liabilities 441 354 294 Other long term liabilities 51 50 63 Total liabilities 1492 1301 1613 Retained earnings 1233 870 599 Total shareholder's equity 3802 2991 2373 Total liabilities and shareholder's equity 5294 4292 3986 2012 FINANCIAL DATA FOR SELECTED GROCERS (Cross Sectional) Data are in $Millions INCOME STATEMENT Whole Foods Safeway Publix Kroger Sales 11698 44207 27707 96751 Cost of Goods sold 7543 32487 19911 76858 Gross profit 4155 11720 7796 19893 Direct store expenses 2983 2280 General administration expenses 372 10616 5631 14849 Pre opening expenses 47 Relocation termination lease termination 10 Operating Income 743 1104 2165 2764 Interest Expense Income 0 354 304 88 462 Investment and other income 9 28 49 Income before taxes 752 828 2302 2302 Provision for taxes 286 262 750 794 Net income 466 566 1552 1508 BALANCE SHEET Current Assets Cash and cash equivalents 89 352 337 1193 Short term investments 1131 797 Restricted cash 103 Accounts receivable 197 909 519 1051 Merchandise inventories 374 2562 1409 5146 Prepaid expenses and other current assets 77 345 29 569 Deferred income taxes 132 58 Total current assets 2103 4168 3149 7959 Property and equipment, net 2193 9225 4691 14875 Long term investments 221 192 4236 Goodwill 663 472 1234 Intangible assets, net 62 Deferred income taxes 43 Other assets 9 601 203 584 Total Assets 5294 14658 12279 24652 Current liabilities Current installments of capital leases 1 36 2734 Accounts payable 247 3125 1307 4524 Accrued payroll 307 461 109 977 Deferred taxes 46 284 Dividends payable 26 Other current liabilities 396 938 804 2538 Total current liabilities 977 4606 2220 11057 Long term capital leases 23 412 6145 Long term Debt 4832 153 1145 Deferred Taxes 179 327 800 Deferred retirement benefits 915 330 1291 Deferred lease liabilities 441 Other long term liabilities 51 782 118 Total liabilities 1492 11726 3148 20438 Retained earnings 1233 7610 6641 Total shareholder's equity 3802 2932 9131 4214 Total liabilities and shareholder's equity 5294 14658 12279 24652

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Use the data provided in the attached Excel spreadsheet to conduct a thorough financial analysis. You must use common-sized statements and ratios and your analysis

Use the data provided in the attached Excel spreadsheet to conduct a thorough financial analysis. You must use common-sized statements and ratios and your analysis must be both longitudinal and cross-sectional. Additionally, you should give compound annual growth rates for key categories (such as revenue, but you must decide which others will contribute to your understanding of the company). Use tables to display your results, but include a narrative to explain what your tables reveal.

SELECTED FINANCIAL DATA FOR WHOLE FOODS (Longitudinal)

Data are in $Millions

INCOME STATEMENT

2012

2011

2010

2009

2008

Sales

11698

10108

9006

8032

7954

Cost of Goods sold

7543

6571

5870

5277

5247

Gross profit

4155

3537

3136

2755

2707

Direct store expenses

2983

2629

2377

2147

2109

General & administration expenses

372

311

272

244

270

Pre-opening expenses

Relocation/termination/lease termination

Operating Income

743

548

438

284

236

Interest Expense

0.354

Investment and other income

Income before taxes

752

552

412

251

207

Provision for taxes

286

209

166

104

Net income

466

343

246

147

115

BALANCE SHEET

2012

2011

2010

Current Assets:

Cash and cash equivalents

212

132

Short-term investments

1131

442

330

Restricted cash

103

Accounts receivable

197

175

133

Merchandise inventories

374

337

324

Prepaid expenses and other current assets

Deferred income taxes

132

121

101

Total current assets

2103

1453

1162

Property and equipment, net

2193

1997

1886

Long-term investments

221

Goodwill

663

665

Intangible assets, net

Deferred income taxes

Other assets

Total Assets

5294

4292

3986

Current liabilities:

Current installments of capital leases

0.5

0.4

Accounts payable

247

237

213

Accrued payroll

307

282

244

Dividends payable

Other current liabilities

396

343

290

Total current liabilities

977

879

748

Long-term capital leases

508

Deferred lease liabilities

441

354

294

Other long-term liabilities

Total liabilities

1492

1301

1613

Retained earnings

1233

870

599

Total shareholder's equity

3802

2991

2373

Total liabilities and shareholder's equity

5294

4292

3986

2012 FINANCIAL DATA FOR SELECTED GROCERS (Cross Sectional)
Data are in $Millions

INCOME STATEMENT	Whole Foods	Safeway	Publix	Kroger
Sales	11698	44207	27707	96751
Cost of Goods sold	7543	32487	19911	76858
Gross profit	4155	11720	7796	19893
Direct store expenses	2983			2280
General & administration expenses	372	10616	5631	14849
Pre-opening expenses	47
Relocation/termination/lease termination	10
Operating Income	743	1104	2165	2764
Interest Expense/Income	0.354	304	88	462
Investment and other income	9	28	49
Income before taxes	752	828	2302	2302
Provision for taxes	286	262	750	794
Net income	466	566	1552	1508


BALANCE SHEET
Current Assets:
Cash and cash equivalents	89	352	337	1193
Short-term investments	1131		797
Restricted cash	103
Accounts receivable	197	909	519	1051
Merchandise inventories	374	2562	1409	5146
Prepaid expenses and other current assets	77	345	29	569
Deferred income taxes	132		58
Total current assets	2103	4168	3149	7959
Property and equipment, net	2193	9225	4691	14875
Long-term investments	221	192	4236
Goodwill	663	472		1234
Intangible assets, net	62
Deferred income taxes	43
Other assets	9	601	203	584
Total Assets	5294	14658	12279	24652

Current liabilities:
Current installments of capital leases	1	36		2734
Accounts payable	247	3125	1307	4524
Accrued payroll	307	461	109	977
Deferred taxes		46		284
Dividends payable	26
Other current liabilities	396	938	804	2538
Total current liabilities	977	4606	2220	11057
Long-term capital leases	23	412		6145
Long-term Debt		4832	153	1145
Deferred Taxes		179	327	800
Deferred retirement benefits		915	330	1291
Deferred lease liabilities	441
Other long-term liabilities	51	782	118
Total liabilities	1492	11726	3148	20438
Retained earnings	1233	7610	6641
Total shareholder's equity	3802	2932	9131	4214
Total liabilities and shareholder's equity	5294	14658	12279	24652