Retail industry: seasonality in sales, and financial results
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Publication Date: | 2011 |
Other Authors: | |
Format: | Article |
Language: | eng por |
Source: | BBR. Brazilian Business Review (English edition. Online) |
Download full: | http://www.bbronline.com.br/index.php/bbr/article/view/297 |
Summary: | This paper aims at analyzing financial performances of retail industries prone to seasonality in sales. Specifically for the Brazilian economy, three sectors had their seasonal variation pattern identified, namely: 1) hyper- and supermarkets; 2) textile, clothing, and footwear; and 3) furniture, and household appliance. Results point out a stable sales pattern in supermarket sector in comparison to the other sectors, which have peak-and-valley patterns. Subsequently, a discriminant analysis was performed to find out differences among financial indices of Brazilian companies, according to their sales patterns. According to analysis of financial ratios, companies with higher seasonal variation performed significantly better in terms of cash ratio and return on equity, whereas the other indices, debt ratio and assets turnover, account for no statistically significant differences. Building on discriminant analysis, cash ratio was found to be the most important index for discrimination. |
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Retail industry: seasonality in sales, and financial resultsSegmento varejista: sazonalidade das vendas e resultados financeirosSeasonality in salesretaildiscriminant analysisfinancial indexSazonalidade de vendasvarejoanálise discriminanteíndices financeirosThis paper aims at analyzing financial performances of retail industries prone to seasonality in sales. Specifically for the Brazilian economy, three sectors had their seasonal variation pattern identified, namely: 1) hyper- and supermarkets; 2) textile, clothing, and footwear; and 3) furniture, and household appliance. Results point out a stable sales pattern in supermarket sector in comparison to the other sectors, which have peak-and-valley patterns. Subsequently, a discriminant analysis was performed to find out differences among financial indices of Brazilian companies, according to their sales patterns. According to analysis of financial ratios, companies with higher seasonal variation performed significantly better in terms of cash ratio and return on equity, whereas the other indices, debt ratio and assets turnover, account for no statistically significant differences. Building on discriminant analysis, cash ratio was found to be the most important index for discrimination.Com o presente artigo, procurou-se analisar o desempenho financeiro de setores varejistas, sujeitos a variações sazonais de vendas. Inicialmente, identificou-se o padrão estacional de vendas de três segmentos: 1) hiper e supermercados, 2) tecidos, vestuário e calçados e 3) móveis e eletrodomésticos. Posteriormente, utilizou-se a análise discriminante para identificar diferenças entre os índices: liquidez corrente; endividamento geral; giro do ativo total; e retorno sobre patrimônio líquido. Os resultados apontam que o setor de supermercados possui padrão uniforme de vendas, comparado aos outros segmentos avaliados, que apresentam picos de elevação e períodos de quedas acentuadas. A análise dos indicadores financeiros mostrou que as empresas com maiores flutuações sazonais obtiveram melhores resultados em termos de rentabilidade e maiores índices de liquidez, ao passo que os outros dois indicadores não apresentaram diferenças estatisticamente significativas. Com base nos resultados da função discriminante, constata-se que o índice de liquidez é o principal responsável pela discriminação.FUCAPE Business Shool2011-07-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/29710.15728/bbr.2011.8.3.4Brazilian Business Review; Vol. 8 No. 3 (2011): July to September 2011; 64-82Brazilian Business Review; v. 8 n. 3 (2011): Julho a Setembro de 2011; 64-821808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/297/449http://www.bbronline.com.br/index.php/bbr/article/view/297/450Mesquita, José Marcos Carvalho deMartins, Henrique Cordeiroinfo:eu-repo/semantics/openAccess2018-11-06T19:55:51Zoai:ojs.pkp.sfu.ca:article/297Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-11-06T19:55:51BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false |
dc.title.none.fl_str_mv |
Retail industry: seasonality in sales, and financial results Segmento varejista: sazonalidade das vendas e resultados financeiros |
title |
Retail industry: seasonality in sales, and financial results |
spellingShingle |
Retail industry: seasonality in sales, and financial results Mesquita, José Marcos Carvalho de Seasonality in sales retail discriminant analysis financial index Sazonalidade de vendas varejo análise discriminante índices financeiros |
title_short |
Retail industry: seasonality in sales, and financial results |
title_full |
Retail industry: seasonality in sales, and financial results |
title_fullStr |
Retail industry: seasonality in sales, and financial results |
title_full_unstemmed |
Retail industry: seasonality in sales, and financial results |
title_sort |
Retail industry: seasonality in sales, and financial results |
author |
Mesquita, José Marcos Carvalho de |
author_facet |
Mesquita, José Marcos Carvalho de Martins, Henrique Cordeiro |
author_role |
author |
author2 |
Martins, Henrique Cordeiro |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Mesquita, José Marcos Carvalho de Martins, Henrique Cordeiro |
dc.subject.por.fl_str_mv |
Seasonality in sales retail discriminant analysis financial index Sazonalidade de vendas varejo análise discriminante índices financeiros |
topic |
Seasonality in sales retail discriminant analysis financial index Sazonalidade de vendas varejo análise discriminante índices financeiros |
description |
This paper aims at analyzing financial performances of retail industries prone to seasonality in sales. Specifically for the Brazilian economy, three sectors had their seasonal variation pattern identified, namely: 1) hyper- and supermarkets; 2) textile, clothing, and footwear; and 3) furniture, and household appliance. Results point out a stable sales pattern in supermarket sector in comparison to the other sectors, which have peak-and-valley patterns. Subsequently, a discriminant analysis was performed to find out differences among financial indices of Brazilian companies, according to their sales patterns. According to analysis of financial ratios, companies with higher seasonal variation performed significantly better in terms of cash ratio and return on equity, whereas the other indices, debt ratio and assets turnover, account for no statistically significant differences. Building on discriminant analysis, cash ratio was found to be the most important index for discrimination. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-07-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer-reviewed Article Artigo revisado pelos pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/297 10.15728/bbr.2011.8.3.4 |
url |
http://www.bbronline.com.br/index.php/bbr/article/view/297 |
identifier_str_mv |
10.15728/bbr.2011.8.3.4 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/297/449 http://www.bbronline.com.br/index.php/bbr/article/view/297/450 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
FUCAPE Business Shool |
publisher.none.fl_str_mv |
FUCAPE Business Shool |
dc.source.none.fl_str_mv |
Brazilian Business Review; Vol. 8 No. 3 (2011): July to September 2011; 64-82 Brazilian Business Review; v. 8 n. 3 (2011): Julho a Setembro de 2011; 64-82 1808-2386 1807-734X reponame:BBR. Brazilian Business Review (English edition. Online) instname:Fucape Business School (FBS) instacron:FBS |
instname_str |
Fucape Business School (FBS) |
instacron_str |
FBS |
institution |
FBS |
reponame_str |
BBR. Brazilian Business Review (English edition. Online) |
collection |
BBR. Brazilian Business Review (English edition. Online) |
repository.name.fl_str_mv |
BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS) |
repository.mail.fl_str_mv |
|| bbronline@bbronline.com.br |
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1754732238012940288 |