# A Method of Determining Inventory Levels for Retail Jewelers

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1 A Method of Determining Inventory Levels for Retail Jewelers Abe Sherman, CEO Buyers Intelligence Group JCK 2012 Booth: S11487

6 by sales from the showcases (without Rolex). As you will clearly see below, there will be a dramatically different result in the inventory budgets between the following two analyses. TOTAL SALES \$4,673,989 ROLEX 478,762 SPECIAL ORDERS 593,670 MEMO 154,882 REPAIR & CUSTOM SALES 163,046 OTC SALES 759,168 (2,149,528) NET SHOWCASE SALES \$2,524,461 We began this discussion with the example: A jeweler with \$4,674,000 in Revenue and \$2,800,000 Cost of Goods Sold. What inventory levels would we have determined when relying only on that information? In just a few short steps, we netted out the non-showcase sales, as well as Rolex (sales and COGS), to show what is actually happening. In fact, showcase sales are only \$2,524,461 of the total sales. In other words, showcase sales (without Rolex) is only 54% of total SALES! It is common to discover that at least 40% of total SALES has nothing to do with how much inventory your store needs, even without considering a line like Rolex. How much inventory should this \$4,700,000 jeweler have in stock? After netting out Repairs, Special Orders, Custom and Memo sales, as well as revenue from Over the Counter purchases, and removing Rolex from the equation as well, the store does \$2,524,000. If the gross profit is 47% for this portion of the sales, then the Cost of Goods Sold is \$1,337,000 (without Rolex) and Gross Profit is \$1,186,000. Therefore, this store needs an inventory of \$1,337,000, not including Rolex inventory, just to achieve a one-time turn. Currently, the store has an inventory of \$2,184,222, with about \$400,000 at cost of Rolex, or \$1,784,000 without Rolex. EXAMPLE B: \$ 2,524,461 47% \$ 1,337,720 \$ 1,186,280 \$ 1,784, \$.66 NET SHOWCASE SALES WITHOUT ROLEX GP% WITHOUT ROLEX COST OF GOODS SOLD WITHOUT ROLEX GP\$ COST ON HAND WITHOUT ROLEX ACTUAL TURNOVER GMROI Consider the relationship between each of these numbers. The COGS without Rolex needs to be compared with the Cost of On Hand inventory, again without Rolex. In this case, there is \$450,000 more inventory on hand at cost than in Cost of Goods Sold, resulting in a turnover of.75. GMROI is calculated by comparing our Gross Profit Dollars with Cost of On Hand inventory. The \$1,186,000 of Gross Profit is compared with our on hand inventory of \$1,784,000 for a GMROI of just \$.66. This store would have to reduce their inventory by \$600,000 in order to achieve GMROI of \$1.00! It is vital to understand the difference between the two sets of numbers represented between Examples A and B. The contribution of OTC and other non-showcase-generated gross profit masks the true nature of turn and GMROI. It will be dangerous to rely upon the gross profit of the non-showcase areas included in SALES to keep the company s cash flow and bottom line healthy. For example, this company will run into cash flow challenges when OTC purchases suddenly stops. This store went from a healthy turn of 1.30 to an anemic turn of.75 by deconstructing what makes up the numbers in their financial statement. When inventory levels are determined by top line sales, and that number is a compilation of income that has no relevance to your inventory, your inventory levels will be far too high. 5

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