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英国经济衰退导致消费者信心水平骤降,减少可支配收入成为大多数人的直接选择，但是这损害了大多数零售商的财务报表和经济利益，从2003年开始，销售额和利润呈现稳步增长的态势,2008年，经济衰退回以前的水平。经济的衰退导致消费者购买更少的消费品，奢侈品牌时装零售商预计将获得相对更少的销售额，但寻求更加昂贵,更好的质量和更持久的性能的主要服装和配件。本研究旨在以两个不同的时装零售商为例研究财务数据，分析经济发展对时尚产业的影响。

Consumer confidence and disposable income

Introduction

The UK recession has led to a reduction in the level of consumer confidence and disposable income as well as increasing percentage of price deflation and damaging most retailers' financial statements after a steady growth in sales and profits from 2003, before the recession 2008.

Luxury brand fashion retailers are expected to gain relatively more sales in the recession due to part of the consumers tend to buy less, but seeking more expensive, with better quality and long-lasting, staple clothing and accessories. However, as profits are said to be falling for every retailer, and for the mid-market fashion retailers having lower gross and operating profits than luxury brand retailers, perhaps the mid-market retailers have also been suffering as well.

This study aims to examine the financial data on two contrasting fashion retailers to test the hypothesis that even though a luxury brand fashion retailer has suffered more than a mid-market fashion retailer in terms of financial performance using a wide range of financial ratios.

This study will examine the main financial ratios of Gucci and Zara in UK for the previous 5 years to 2009 using data from FAME to identify trends and weaknesses compared to each other and to analyse the implications for stakeholders.

Literature review

The initial way to see how the company has operated is by analysing the year-over-year sales growth and simply calculating the percentage of turnover increased from previous year and companies seek to generate a constant growth year by year. The year-on-year sales growth researched by Verdict (2008) shows that UK retail sales in 2008 declined 13% from 2007, mid market is losing shares with negative growth but luxury brands with increased sales of 13.9% by year ended 2007. For the year ended 31 Jan 2008, Zara UK's sales growth decreased by 12% comparing growth of 30% for the year ended 31 Jan 2007.

Inspecting and comparing only the figures in two companies' balance sheets and profit and loss accounts has no real meaning in terms of the company performance unless having to calculate the relevant ratios needed, provided that the companies comparing are in the same market segment, and in this study will be the retail market. (Wood & Sangster, 2005)

Ratios are very useful in helping to understand, analyse and furthermore compare the relationship and performance between two numbers as there are vast numbers of parties including shareholders, lenders and competitors interested in the financial performance of the company such as year-over-year sales growth and therefore ratios have to be handled very carefully or otherwise very misleading. In order to interpret a comparison on financial performance, we need the ratios of profitability, sales and profit growth, co本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。