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Strategies & Market Trends : Value Investing
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To: TimbaBear who wrote (15479)9/26/2002 6:39:42 PM
From: DukeCrow  Read Replies (1) of 78662
 
Cash flow is horrible because of working capital investment due to the ramping up of the national distribution network. If this trend continues, Fleming is toast.

However, I feel that the deterioration in working capital has peaked, and now Fleming should start generating positive CF from their working capital due to increased inventory turns, an increasing payables/inventories ratio, and sell-thru of the forward buys they did in the 2nd quarter to gain volume discounts from their vendors.

Working capital is the thing to watch, IMO, with Fleming. It needs to stay flat or improve over the next few quarters in order for the company to stay healthy.
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