Profit Margin for ROA
Assets Turnover
Return on Assets
Profit Margin for ROCE
Capital Structure Leverage
Return on Common Shareholders’ Equity
Cost of Sales/Operating Revenues
Stores Operating Expenses/Operating Revenues
Other Operating Expenses/Operating Revenues
Depreciation and Amortization Expenses/Operating Revenues
General and Administrative Expense/Operating Revenues
Restructuring Charge/Operating Revenues
Income from Equity Investees/Operating Revenues
Interest Revenue/Operating Revenues
Income Tax Expense (excluding tax effects of interest expense)/Operating Revenues
Accounts Receivable Turnover
Inventory Turnover
Fixed Asset Turnover
Using the financial statement data in Exhibits 1.26 and 1.27, compute the values of the following 18 ratios for fiscal 2012 based on an income tax rate of 35%. For accounts receivable turnover, use only specialty revenues for the numerator, because the accounts receivable are primarily related to licensing and food service operations, not the retail operations. Use cost of sales, including occupancy costs for the numerator of the inventory turnover because Starbucks does not disclose separately the cost of products sold (the appropriate numerator) and occupancy costs.