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Strategies & Market Trends : Value Investing
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To: Bob Rudd who wrote (16080)1/5/2003 2:23:00 PM
From: Don Earl  Read Replies (1) of 78576
 
Bob,

Personally, I wish the SEC would put an end to what amounts to watered down earnings reports. It puts investors in the position of making buying and selling decisions months before full disclosure is available in the quarterly reports.

The increase in accounts payable is mainly the result of pushing out days payable outstanding by around 10 days compared to a year ago. As of the end of last quarter, inventory and cash both increased by about $1.5 billion, but accounts payable increased by $2 billion. AP is very short term debt and is what got K-Mart in trouble after a soft holiday season last year. My assumption is a 10% drop in same store sales will chew up the cash cushion as the short term debt comes due, while causing inventory problems at the same time. We'll see.

Since we must be getting close to the 20 post limit, I'll toss out a few quick question in response to Richard's post. Who did the report? How was it compiled? And who paid for it?

Good luck to the HD longs.
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