Use the data provided in the attached Excel spreadsheet toconduct a thorough financial analysis. You must use common-sizedstatements and ratios and your analysis must be both longitudinaland cross-sectional. Additionally, you should give compound annualgrowth rates for key categories (such as revenue, but you mustdecide which others will contribute to your understanding of thecompany). Use tables to display your results, but include anarrative to explain what your tables reveal.
SELECTED FINANCIALDATA 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/leasetermination
10
8
11
31
37
OperatingIncome
743
548
438
284
236
Interest Expense
0.354
4
33
37
36
Investment and other income
9
8
7
3
7
Income beforetaxes
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 currentassets
77
74
55
Deferred income taxes
132
121
101
Total currentassets
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 capitalleases
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 currentliabilities
977
879
748
Long-term capital leases
23
17
508
Deferred lease liabilities
441
354
294
Other long-term liabilities
51
50
63
Totalliabilities
1492
1301
1613
Retained earnings
1233
870
599
Totalshareholder’s equity
3802
2991
2373
Total liabilities andshareholder’s equity
5294
4292
3986
2012 FINANCIALDATA 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/leasetermination
10
OperatingIncome
743
1104
2165
2764
Interest Expense/Income
0.354
304
88
462
Investment and other income
9
28
49
Income beforetaxes
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 currentassets
77
345
29
569
Deferred income taxes
132
58
Total currentassets
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 capitalleases
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 currentliabilities
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
Totalliabilities
1492
11726
3148
20438
Retained earnings
1233
7610
6641
Totalshareholder’s equity
3802
2932
9131
4214
Total liabilities andshareholder’s equity
5294
14658
12279
24652
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