Sony Financial Analysis'09

• In 1993 cost of goods sold being 90% of sales and 9.6% gross profit of sales. Company’s lack of ability to manage inventory and lack of cash forced them to order from more expensive (12-15%more) warehouse than steel mills.

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3. The deterioration in profitability resulted from a decrease in cost of goods sold as a percentage of sales, and from a decrease in operating expenses as a percentage of sales. The only favorable factor was the decrease in the income tax paid.

There were a number of key factors that contributed to a decline in financial performance. Revenues for the Sears Holding Company were down from 2010, and were set at $41,567 (in millions). However, the gross margin for profit was

Also, the gross profit had a lower increase(+9.67%), that means the cost of sales increased more than the revenue increase in term of percentage. There was a 13.16% rose in net operating expense as both selling and distribution costs and administrative expenses increased. One of the reasons why net operating expense increased because the firm had a programme of reinvesting for organic growth which supply chain, IT and store portfolio had improved. The rose of the net operating expense lead to a 2.13% drop in the operating

However, the Income Statement shows that the cost of goods sold and the operating costs have while the PM has declined making it unfavourable. The Sales are growing rapidly while the profit is dropping indicating efficiency problems in controlling costs as well as setting the right acceptable price to customers.

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Net Profit Margin has reduced from 5.05% in 1993 to 4.53% in 1994 (a net decrease of 0.52% ). The main culprit in the decrease of profit margin seems to be the rising interest expense shown by the interest expense to revenue ratio rising from 0.44% to 1.34%.

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Because the rapid sales growth and change in gross margin rate in 2005 should attribute largely to the serial acquisitions which are not repeatable in the future, the growth rate of sales and gross margin rate should be set at lower number than projected. If we keep the data of 2006 unchanged since it’s near future and adjust the growth rate in 2007 to 40% and in 2008 to 30% and keep the gross margin at a constant rate – 50% after 2006, the projected financial statements will be below.

Even though Income from operations dipped by 9.8% overall to Rs. 10,385.62 million in 2009 from Rs. 11,519.14 million in 2008, Operating profit grew by 88.5% to Rs. 1,687.64 million in 2009 from Rs. 895.32 million in 2008 due to reduction in expenses.

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