Question
In: Finance
Why is your TJX RNOA significantly different from that of ANF? Selected balance sheet and income...
Why is your TJX RNOA significantly different from that of ANF?
Selected balance sheet and income statement information [US$ millions] from Abercrombie & Fitch [ANF] and TJX Companies, clothing retailers in the high-end and value-priced segments, respectively, follows. Compute the 2016 return on net operating assets (RNOA) for both companies.
|
2016 Sales |
2016 NOPAT |
2016 NOA |
2015 NOA |
|
| ANF |
$2,784.7 |
$324.7 |
$565.0 |
$ 361.7 |
|
TJX |
16,057.9 |
708.5 |
2,235.9 |
2,139.5 |
ANF is 70.08% & TJX is 32.39%
Answer: Why is your TJX RNOA significantly different from that of ANF?
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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$ millions
May 31, 2015
May 31, 2014
Operating assets
$62,090
$57,002
Nonoperating assets
54,368
38,819
Total assets
116,458
95,821
Operating liabilities
20,180
19,055
Nonoperating liabilities
41,958
24,097
Total liabilities
62,138
43,152
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54,320
52,669
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$ millions
Jan. 31, 2016
Feb. 01, 2015
Operating assets
$40,583
$38,473
Nonoperating assets
2,241
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Total assets
42,824
40,221
Operating liabilities
15,018
13,527
Nonoperating liabilities
21,285
17,167
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36,303
30,694
Total stockholders' equity
6,521
9,527
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88,999
Net operating profit before tax (NOPBT)
12,024
Nonoperting expense before tax
778
Tax expense
4,088
Net income
7,158
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and TJX Companies Inc., clothing retailers in the high‑end and
value‑priced segments, respectively, follows.CurrentPriorYear NetYear NetOperatingOperatingCompany ($ millions)TickerSalesNOPATAssetsAssetsAbercrombie & FitchANF$3,590.10$89.15$808.15$877.30TJX CompaniesTJX39,752.363,128.034,252.004,196.59Compute the following ratios for both companies for the fiscal
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Income statement data (in thousands):
2
Net income
$49,311.00
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Gain on disposal of property
1,188.00
4
Depreciation expense
11,580.00
5
Other items involving noncash expense
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Balance sheet data (in thousands):
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Increase in accounts receivable
1,746.00
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Decrease in inventory
990.00
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Increase in prepaid expenses
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Following are selected income statement and balance sheet data from
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high-end market) and TJX Companies (clothing retailer in the
value-priced market).
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Round your answers to one decimal place (example: 0.2345 =
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ANF
TJX
Sales
$3,469
$21,942
Cost of goods sold
1,257
Answer%
16,040
Answer%
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2,212...
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(a) Express each income statement amount as a percentage of
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ANF
TJX
Sales
$3,518,680
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2014
2013
Net sales (all on
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$96,000
$93,000
Cost of goods
sold
51,300
52,500
Gross
margin
44,700
40,500
Income from
operations
16,300
15,000
Interest
expense
3,000
3,500
Net
income
9,800
9,000
Cash
2,700
3,500
Accounts receivable,
net
10,700
12,500
Inventory
25,000
30,000
Prepaid
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1,000
900
Total current
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39,400
46,900
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2019
2017
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Accounts receivable
1,197.16
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Current assets
4,013.56
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Current liabilities
3,485.39
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17,620.81
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23,318.42
26,463.17
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1,211.50
Equity
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610.89
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Earnings before interest and taxes
1,594.84
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