Dupont Analysis ROE = Net Income/Sales Return on Sales In USD Millions 17,823.0 42,494.0 19.78% 0.030 19.

78% In USD Millions 5,403.5 37,433.5 21.99% 0.029 21.99% * 1.10 * 6.93 * 2.78 * 2.38 * * Sales/Assets Asset Utilization * * Assets/Equity Leverage

Walmart Avg. Equity Avg. Assets ROE Dupont

Sears Avg. Equity Avg. Assets ROE Dupont

Walmart Days Inventory = 64.44

Sears 67.00

Revised Sears

Days Receivable =

3.02

232.41

Days Payable =

35.65

91.00

Days Inv. + Days Rec. - Days Payable = 31.81 208.41

Only for Retail Business Sears ROE = In USD Millions Net Income/Sales Return on Sales 5,403.5 15,072.5 10.99% 0.016 10.99% * 2.41 * * * 1,188.0 Sales/Assets Asset Utilization * *

Avg. Equity Avg. Assets ROE Dupont

Assets/Equity Leverage

2.79