INVENTORY IS YOUR RETAIL HEART Is it healthy? Paul Erickson RMSA Retail Solutions
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1 INVENTORY IS YOUR RETAIL HEART Is it healthy? Paul Erickson RMSA Retail Solutions
2
3
4 Customers judge your store everyday
5 Customers are increasingly challenging The customer of today is NOT the customer of yesterday
6 They are increasingly... Time poor Better educated, skeptical, cynical and demanding Quick to complain and slow to forgive Want it fast and now
7 Number one service complaint
8 Inventory The HEART of a retail store
9 Perfect Condition This month s sales forecast is 12 pens How many do we need? What if they come in 12 colors? How many do we need now? What if they come in 2 sizes?
10
11 Zizzybaloobah/Fickr
12
13 Age your inventory
14 You are operating a store not a museum Never hold a birthday party for merchandise Always value your inventory at selling or retail value
15 Simple Technique Color code your price tickets so you can visually check the age: Light blue received Light green received White received Lt tan received Lt yellow - received Lt blue received Lt pink received 2012 Q3 (july sept) 2012 Q4 (oct dec) 2013 Q1 (jan mar) 2013 Q2 (apr jun) 2013 Q3 (jul sept) 2013 Q4 (oct dec) 2014 Q1 (jan mar)
16 Money-saving Tip! Identify anything in your store that is more than six months old If 20-30% is older than six months You have a potential problem If over 30% of your stock is that old You have A problem that needs to be addressed NOW!
17 inventory turnover a key indictor of how well merchandise is performing at retail does not appear on a retailer s P&L accounting does not factor in the element of time
18 definition
19 the frequency that a store sells its average dollar inventory a measure of the inventory efficiency and is expressed as a ratio
20 apples to apples retail inventories to retail sales cost inventories to cost of goods sold
21 the formulas annual retail sales average inventory at retail - OR - annual cost of goods sold average inventory at cost
22 alternative concepts
23 monthly Annual Turn Avg. Monthly Sell -Thru 1.5 = 13% 2.0 = 17% = 25% = 33% = 50%
24 turns = weeks supply 52 weeks / turn rate 1.5 turns 52/ weeks 2.0 turns 26.0 weeks 3.0 turns 4.0 turns 20.8 weeks 17.3 weeks
25 52 weeks 2.0 Turns = 26 Week Supply
26 26 Weeks to Sell an item October 9 th November December January February March April 9 th
27 increase turns increases cash flow an improvement of only 1 week in annual sell-through increases flow by approximately 1% of annual sales
28 25 Weeks to Sell an item October 9 th November December January February March April 2 nd
29
30 The $1,000,000 BOOTS
31 The $1,000,000 BOOTS 50% Markup
32 The $1,000,000 BOOTS $500,000
33 The $1,000,000 BOOTS Open Doors January 2 nd
34 month operating expenses
35 Boots sell on December 24 th as a last minute holiday gift Jan Feb Mar Apr May June Jul Aug Sept Oct Nov Dec
36 End-of-Year Income Statement Sales $1,000,000 Cost of goods sold $ 500,000 Gross profit $ 500,000 Less expenses ($34K x 12 months) $ 408,000 Net profit $ 92,000
37 $500,000
38 Open Doors January 2 nd
39 Boots sell on December 24 th of Year 2 as a last minute holiday gift Jan Feb Mar Apr May June Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sept Oct Nov Dec
40 Year 2 End-of-Year Income Statement Sales $1,000,000 Cost of goods sold $ 500,000 Gross profit $ 500,000 Less expenses ($34K x 24 months) $ 816,000 Net loss $ (316,000)
41 $500,000
42 Open Doors January 2 nd
43 Boots sell the last day of January!
44 End of 2 Years Income Statement Sales $ 800,000 Cost of goods sold $ 500,000 Gross profit $ 300,000 Less expenses ($34K x 1 month) $ 34,000 Net profit $ 266,000
45 Retail Heaven
46
47 COSTCO Does not own the inventory 8000 SKUs IMU ceiling 15% Membership fees produce entire net profit Customer average annual income +$100,000 Always something new
48 . WAL-MART
49 steps to RETAIL HEAVEN negotiate longest payment terms possible sell at least half before you have to pay sell it before you pay for it
50 steps to RETAIL HEAVEN negotiate longest payment terms possible` sell at least half before you have to pay sell it before you pay for it
51 60 day terms & 3 turns accomplishes this goal Example 3 turns = days supply (365 / 3) Approximately half the items are sold by the time the invoice is due
52 steps to improve cash flow negotiate longest payment terms possible sell at least half before you have to pay sell it before you pay for it
53 90 day terms & 4 turns accomplishes this goal Example 4.0 turns = 91 days supply (365 / 4.0) For all practical purposes the entire inventory is sold by the time the invoice is due
54 your call to action
55 three things plan your sales & inventory to achieve faster turns markdown slow selling merchandise within planned month's supply window use MIN/MAX and autoreplenishment systems
56 three things plan your sales & inventory to achieve faster turns markdown slow selling merchandise within planned month's supply window use MIN/MAX and autoreplenishment systems
57 three things plan your sales & inventory to achieve faster turns markdown slow selling merchandise within planned month's supply window use MIN/MAX and autoreplenishment systems
58 GMROI
59 Definition Gross Margin Return on Investment A measurement of the relationship between inventory turnover and gross margin dollars. It simply says that for each dollar invested in inventory at cost x number of dollars that have been earned in gross margin.
60 Formula GMROI = Annualized Gross Margin Average Inventory at Cost
61 Earn n Turn Calculation Example #1 $500GM $250 ACI Example #2 $500GM $100 ACI = $2.00 GMROI = $5.00 GMROI
62
63 Warren Buffet
64 What is a Good GMROI?
65 GMROI & inventory turnover are the most important measurements for vendor performance at retail!
66 Vendor Comparison Vendor A Vendor B Sales $500k Sales - $500k Gross $ - $240K (48%) Gross $ - $220k (44%) Turns 2.0 Turns 4.0
67 Let s Compare GM$ AVG Cost $ ROI Vendor A $240 $130k $1.84 Vendor B $220k $57.5k $3.82
68 Three Keys to Retail Success
69 Three Keys to Retail Success Inventory Turn Revenue Growth Gross Margin
70 Three Keys to Retail Success Inventory Turn Revenue Growth Gross Margin
71 Three Keys to Retail Success Inventory Turn Revenue Growth Gross Margin
72
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