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Stationery Refuses to Remain Stationary
An Analysis of the Stationery Industry
4/28/2011
Jim Geraci Dr Dugal
Strategic Management
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Executive Summary
The stationery industry is an industry that has been constantly adapting to market preferences for
hundreds of years. Evolving from simple pen and paper products, the stationery industry now includes
greeting cards, variety of office products and personal crafts. It is impacted by the advent of technology
that has made communication quicker and easier than traditional methods. However, while the
industry is considered mature in many developed countries, there is still a powerful potential for growth
through market penetration and expanding into new and developing markets. Data suggests that the
global stationery market will grow at 4.25% over the next few years. While this is not the most lucrative
business to enter into, established companies will enjoy stable performance in the future.
In order to enjoy this performance, the industry will need to follow these growth drivers to succeed:
They will need to continually improve the quality of their products through research and development.
They will need to focus on international expansion, focusing mainly the Asia-Pacific and Latin America regions.
They will need to attack niche markets by focusing on personalization, do-it-yourself and green initiatives.
Many stationery manufacturers can take advantage of changing consumer attitude towards sustainable
development. Many consumers are now wishing to purchase “green” items at a premium and many
businesses are requiring the use of recycled stationery products as part of their own “green” initiatives.
The companies within this industry must look inward to improve efficiencies and reduce cost and
provide products that are friendly to the environment.
To put it plainly, the stationery industry is probably not an attractive industry to enter if a company is
looking to start out. Established players will see this industry as a cash cow on Boston Consulting
Group’s Matrix due to high market share and low market growth. They will enjoy incremental growth
through expansion into international markets and consolidation. Stationery is an industry that refuses
to remain stationary!
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Introduction to the Industry and Industry Evolution
There is no generally accepted history of how the stationery industry was created or how it has evolved
since its inception but there is substantial information about the past 50 years of stationery. Stationery
relates more often than not to paper, writing utensils, postage stamps and anything else really that can
be utilized to produce correspondence, or indeed aid their journey from the sender to receiver of those
correspondence. Though decreasingly popular in western culture, stationery has been an important
part of good social etiquette, particularly since the Victorian era.
The stationery industry is an industry that refuses to go away. Even with the advent of computers and
other technology, the need for pens, pencils and markers remains strong; though not as strong as it
once was. The global stationery market grew at a steady rate of 3.8% from 1999 to 2003 and is
expected to increase further in the next few years (Datamonitor, 2004). To continue enjoying the
growth, stationery companies will need to focus on emerging markets such as India, China, and Latin
America which promises significant growth over the next 10 years (International Monetary Fund). What
started as an industry that mainly consisted of writing instruments and paper products has consistently
transformed throughout the years to keep up with consumer demands.
Stationery Refuses to Remain Stationary
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Market Size, Industry Growth and Segment Trends The global stationery market grew by 4.1% in 2003 to reach a value of $80 billion. The strongest growth
was in 2000 when the market grew by 5.0% (See Table 1 and Figure 1) (Datamonitor, 2004).
The global stationery market segment is divided into 4 geographical with 3 of those sectors combining to
total 92% of the total market share by value (See Table 2 and Figure 2 for break down).
Table 2: Global Stationery Market Segmentation
Geography % Share
Europe 33.9%
Asia Pacific 29.40%
United States 28.40%
Rest of the World 8.30%
Total 100.00%
% Share
Europe Asia PacificUnited States Rest of the World
Figure 2:
Table 1: Global Stationery Market 1999-2003
Year $ billion % Growth
1999 68.9
2000 72.3 5.00%
2001 74.1 2.60%
2002 76.8 3.60%
2004 80.0 4.10%
Annual Growth 3.8%
Source: (Datamonitor, 2004)
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In the developed countries, the growth is slowing because of the saturated and crowded market
for stationery products. There is future growth potential in Latin America, South America and Southern
Asia. In Latin and South America, many countries did not have a strong free market system with which
they could compete on a global scale. However, since the early 1990s when many of the Latin American
countries entered an agreement similar to NAFTA, called Mercosul, these countries have experienced
exponential growth in all industries including Stationery (Bomeisel, 1996).
Several markets are growing but those in emerging markets are growing at a faster pace.
Between 1999 and 2003, the Asia-Pacific market grew 2.7% but was forecasted to grow an average of
4.7% between 2003 and 2007 (Datamonitor, 2004). This represents the greatest growth potential for
those companies in the stationery industry but they must be wary of Chinese companies who may
undercut their prices. Figure 3 shows a breakdown of the market forecast from 2003 to 2008 according
to several 2004 Datamonitor industry analyses.
Major Players/Competition
Newell Rubbermaid Inc.
Newell Rubbermaid is a manufacturer of housewares, hardware, home furnishings, juvenile products,
hair products and office products. For the fiscal year ended in December 2003, the company generated
2.00%
3.00%
4.00%
5.00%
6.00%
2003 2004 2005 2006 2007 2008Global Asia-Pacific Europe United States
Figure 3 - Market Value Forecast 2003-2008
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revenues of $7.75 billion. The company brands include Rubbermaid, Calphalon, Mirro, Amerock,
Levolor, Little Tikes, Graco, Century, Goody, Rolodex and Sanford. Newell Rubbermaid is
headquartered in Alpharetta, Georgia.
Hallmark Cards, Inc.
Hallmark Cards Inc is an international company specializing in the retail of greeting cards sold under
brand names such as Hallmark, Shoebox, and Ambassador. In fiscal 2002, Hallmark reported net sales of
$4.2 billion. It produces television movies through its Hallmark Entertainment unit and has a television
series, the Hallmark of Fame. The company operates in more than 100 countries and publishes in more
than 30 languages. It also owns Binney & Smith, maker of Crayola brand crayons. The company is
headquartered in Kansas City, Missouri.
Société BIC
Societe BIC is a manufacturer of consumer products, including pens, lighters and shavers. For the fiscal
year ended in December 2002, the company generated revenues of $1.56 billion. The company’s
primary revenue source is its stationery business, which generates approximately half of its annual
revenues. In addition to pens, this business produces pencils, highlighters, markers and correction
products. Societe BIC is headquartered in Clichy, France.
Compagnie Financière Richemont SA
Compagnie Financière Richemont is one of the world’s leading marketers of luxury goods. For the fiscal
year ended in March 2003, the company generated revenues of $3.94 billion. The company markets
Cartier jewelry, Piaget and Baume & Mercier watches, Alfred Dunhill leather goods and Montblanc pens.
It is also the owner of jeweler Van Cleef & Arpels. Richemont is headquartered in Geneva, Switzerland.
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Industry Financial and Operational Ratios
Profitability Ratios
Return on Total Assets
푷풓풐풇풊풕풔풂풇풕풆풓푻풂풙풆풔푻풐풕풂풍푨풔풔풆풕풔
.0869886 This ratio is considered an indicator of how effectively a company is using its assets to generate earnings before
contractual obligations must be paid. Overall, the stationery industry provides a decent return at 8.7%. Richemont, which specializes in luxury items, maintains a 14.5% return which
means other players may be able to improve their position by adopting a higher end strategy.
Return on Stockholder Equity
푷풓풐풇풊풕풔풂풇풕풆풓푻풂풙풆풔푻풐풕풂풍푺풕풐풄풌풉풐풍풅풆풓 풔푬풒풖풊풕풚
.1687463 This ratio is considered an indicator of how profitably the
company is utilizing shareholder’s funds. At close to 17% the stationery industry is earning a respectable return for its
shareholders. Once again, Richemont’s luxury items allow it enjoy the highest ROE which means other stationery companies may be able to improve their position by adopting a higher end
strategy.
Operating Profit Margin
푬푩푰푻푺풂풍풆풔
.1408476 This ratio measures the firm’s profitability from regular
operations. At 14% the stationery companies have a respectable margin. Futures circumstances will affect how well
the industry can maintain this ratio. If companies start to implement more technology into their products they may start
to see degradation in this ratio.
Net Profit Margin
푷풓풐풇풊풕풔푨풇풕풆풓푻풂풙풆풔푺풂풍풆풔
.1141395 This ratio measures the firm’s net profit as a percentage of total sales. At 11% the stationery industry is still enviable to many in
the technology industry but may not be as high as those in the service industry. Established stationery companies will have to be cognizant of foreign competition coming from China. These companies have been known to pollute the market with cheap
inferior products. While the stationery industry may not be the most profitable, it is a stable industry that offers decent
returns. Stationery companies will need to understand that they will need to change to keep pace with
consumer attitudes. Whether this includes utilizing technology to reach economies of scale, outsourcing
operation to take advantage of lower manufacturing costs, or increasing quality, these decisions will
affect the profitability ratios.
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Liquidity Ratios
Current Ratio
푪풖풓풓풆풏풕푨풔풔풆풕풔푪풖풓풓풆풏풕푳풊풂풃풊풍풊풕풊풆풔
1.8477824 This ratio measures the net return on total investments
of the firm. Almost all of the companies are able to cover their short-term debts with their current assets. The exception of this is Richemont which is below 1. Surprisingly, BIC has close to a 4 which may indicate they are going to make some acquisitions in the near
future.
Quick Ratio
푪풖풓풓풆풏풕푨풔풔풆풕풔 − 푰풏풗풆풏풕풐풓풚푪풖풓풓풆풏풕푳풊풂풃풊풍풊풕풊풆풔
.9084587 This ratio is an indicator of a company's short-term
liquidity. The quick ratio measures a company's ability to meet its short-term obligations with its most liquid
assets. The higher the quick ratio, the better the position of the company. Once again, the stationery
industry performs admirably with the sole exception of Richemont which has to do with their high level of
inventory. The stationery companies seem to be very liquid with the exception of Richemont which is bringing the
totals down. This has to do with Richmond’s excessive inventory and BIC’s cash reserves. Calculations
can be found in Appendix A.
Buyers and Suppliers Many of the companies in the stationery industry sell their products through two different outlets:
Office Supply Superstores and Greeting Card Stores.
Office Supply Superstores
Many of the buyers of stationery products are office supply superstores. These superstores provide a
one-stop-shop for the consumer and sell several different categories, including but not limited to:
writing utensils, craft supplies, imprintables, business stationery, blank books/journals, frames, and
calendars/date books.
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Established Sales International Outreach Source
1986 $18.2 billion 22 countries (Staples, Inc)
1988 $8.9 billion US and Mexico (Office Max, Inc)
1986 $11.6 billion 53 countries (Office Depot)
1962 $419 billion 15 countries (Wal-Mart Stores, Inc)
Greeting Card Stores
Greeting card stores focus mainly on the paper category of the stationery market. These stores allow
customers to buy greeting cards as well as other stationery products such as journals and scrapbook
supplies.
Established Sales International
Outreach
Source
1906 $1.64 billion 3 countries (American Greetings)
1910 $4.4 billion 100 countries (Hallmark, Inc)
Industry Value Chain and Vertical Integration
An industry value chain is a physical representation of the various
processes that are involved in producing goods (and services),
starting with raw materials and ending with the delivered
product.
Figure 4 – Porter’s Industry Value Chain
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Firm Infrastructure Each company must maintain a competitive structure that will allow them to deal with market changes
quickly and effectively. Through effective use of ERP, advanced planning and other systems, each
company will be able to identify internal and external opportunities and threats.
Human Resource Management Each company must hire the most qualified individual that will provide value to the end product.
Richemont may not hire someone who is very experienced in plastics because many of their pens are of
higher value and use a different material.
Technology Each company must keep abreast of technological advances. These advances could be through newer
processes or newer software which will allow each company to gin efficiencies while providing more
value.
Procurement Each company will need to maintain good relations with their suppliers to prevent possible disruptions
to the supply chain. They must also be cognizant of any regional turmoil or impending government
regulations that may affect their suppliers.
Inbound Logistics Each company will need to have real-time integrated scheduling, shipping, warehouse management and
advanced planning and scheduling across the company and its suppliers. They will need to maintain
systems that will provide information on where to source their products as well as the most effective
way to distribute their resources globally.
Operations Each company will need integrated information exchange, scheduling and decision making in in-house
plants, contract assemblers and component suppliers. Many of these companies will have a core
Stationery Refuses to Remain Stationary
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competency in their own particular area. For example, BIC core competency is in their injection molding
process, which allows them to create a high volume of product at the highest possible quality.
Outbound Logistics Each company must utilize their ERP systems to its fullest to help facilitate the shipping of products out
to their customers. These systems will help the company get their product to their destination in the
most efficient and effective way possible. Systems will allow the companies to load the trucks more
efficiently and provide them with the most efficient route.
Marketing & Sales Stationery companies must market to two different segments: their customers (retail stores) and the
consumers. Each stationery company must effectively leverage their strengths communicating through
trade publications as well as advertisements.
Service Each company must provide easily accessible customer service. This can be achieved through online,
telecommunications or standard mailing. Stationery companies are starting to utilize their websites and
social media to make an impact with the consumer post-purchase.
Technology and Substitute Products
Over the years, technology has forced the stationery industry to adapt to a whole new paradigm. As
early as 2000, a stationer was well equipped if they had a good color printer and a visible print ad
campaign. Most stationery retailers currently must be able to create exclusive, high quality, resalable
products that can’t be purchased elsewhere (Baxter, 2007).
The Impact of the electronic age on stationery industry can at best be rated as moderate. While there
have been a few traditional segments such as greeting cards which have taken a direct hit, computers
and advanced gadgets have in a way, expanded the scope of the entire industry, creating a new category
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of consumables such as papers, labels, PC covers, disks, disk storage containers, cleaners and mouse
pads. While electronic organizers and PDAs have revolutionized the way for information storage and
access, they can never completely replace the need for paper-based stationery such as books, notepads,
and message notes.
With electronic means of communication fast turning out to be the norm in our school, home and office
environments, stationery manufacturers have been repositioning their offerings, often underlining the
'personal' aspects of traditional product lines. The trend is readily evident among the makers of fine
writing instruments and greeting cards.
Other possible avenues stationery manufacturers can explore is digital stationery. An example of this
could be an electronic notepad which will allow a customer to write on a digital screen which can then
store the information for future reference. This can then be uploaded into a computer where what you
have written and drawn can be converted into searchable text and graphics. Advantages to offering this
or similar products include: less use of natural resources, easily accessible data, less need for storage,
and more manageable with less bulk. Disadvantages to the electronic note pad are: high investment
costs, possibility of low acceptance, and not as profitable as pen & paper.
Regulatory Issues and Developments
The stationery industry is fairly immune from governmental regulations in all major regions. There may
be some “green” regulations that may affect the content of some products but most stationery
manufacturers have implemented these changes long before the regulations we introduced. Other
regulations such as the Consumer Product Safety Act require manufacturers to test and certify their
products as safe according to the stipulations in the regulations (Consumer Product Safety Act).
Other Issues and Concerns Impacting the Industry
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Sustainable Development Many stationery manufacturers can take advantage of changing consumer attitude towards sustainable
development. Many consumers are now wishing to purchase “green” items at a premium and many
businesses are requiring the use of recycled stationery products as part of their own “green” initiatives.
Green items can be defined as items that are manufactured with recycled material, are carbon neutral,
and are not exploiting cheap labor in third-world countries. Manufacturers must carefully consider cost
while producing green products. While they may demand a slight premium over non-green products, it
may cost considerably more to purchase the recycled raw materials. The shift in consumer attitudes
towards greener products will shape where the industry is heading in terms of the products it will offer.
Stationery manufacturers must also look inwards to when it comes to sustainability. They can look to
change business processes to improve efficiency and reduce waste of business operations. This can
include a reduction of paperwork required to run the business or a telecommuting program which will
allow workers to save money and gas. Stationery companies can also make their operations more eco-
friendly by installing Compact Fluorescent Light bulbs, have an effective climate control, reduced water
waste, and other building improvements. These investments into their building’s operations can
provide significant cost savings to companies as energy costs are on the rise.
Future Growth Drivers
Continued Quality Improvement One way stationery companies can continue to grow is through natural evolution of product lines. By
continually improving upon products already provided, customers will be compelled to buy more
products at potentially higher margins. An example of a continued quality improvement could be seen
as BIC’s Easy Glide technology. Through its research and development, BIC has come up with a way to
Stationery Refuses to Remain Stationary
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make writing more enjoyable through a smoother writing experience. This has led to growth in sales
and may attract those who have been disappointed with previous writing instruments.
International Expansion Stationery companies will also need to focus on tapping the international market for growth.
Asia-Pacific According to DataMonitor, the Asian-Pacific region has grown stationery sales 25.7% (about 4.7%
annually) from 2003-2008 which provides an attractive opportunity for expansion. The Asia-Pacific
stationery market is the second largest regional, accounting for just over two-sevenths of the global
market’s value in 2003. The region is increasingly being targeted by the large European and American
manufacturers, many of whom have moved manufacturing facilities into the region in order to benefit
from the lower production costs the region can offer. In addition, domestic players are benefiting from
the relatively high growth rates experienced within the last few years (Datamonitor, 2004).
Latin America According to the IMF, GDP in Latin America will be growing at an annual growth of about 4% with Brazil
(4.2%), Bolivia (4.5%), Columbia (4.5%), and Panama (6.3%). Stationery companies should market their
lower end products in these developing countries (International Monetary Fund).
Niche Markets
Personalization
Personalization continues to be a huge trend across many product categories, as it has really tapped into
the consumer's desire to make a product special while also being able to test out their own creative
abilities. Thanks to advances in digital technology, photos are increasingly being employed to enhance
and to customize a variety of stationery items. Personalization can make any product feel and look more
special which enables the consumer to have a greater connection with their purchase.
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Do-It-Yourself
Another offshoot of personalization is the "DIY" (do-it-yourself) category, which continues to grow and
expand. This is true in both physical and digital formats where cards, boxes, packaging and other paper-
based products are created by hand, as well as in scrapbooking and memory-making where digital
products are entering the market in a big way
Green Initiatives
Green is here to stay and is being embraced by more stationery companies as an enduring mindset. The
adoption of green is widespread both in product and in the workplace, and is being accomplished
without sacrificing great design. Sustainably designed and produces products are good for people, for
the planet and for profits. As consumers demand more value from their products and vendors demand
more sustainable packaging and production, we see this category only growing more important every
year.
Differentiation
By design, stationery products industry has been characterized by high sales volumes and low profit
margins. Nevertheless there exist a few high-profit offerings, particularly in the writing instrument
segments such as fountain pens and luxury pens. Alongside the conventional market forces such as
quality and price, variety has of late, emerged as a major factor in consumer's purchase decision. A quick
glance at a cross section of any product group/segment reveals a wide choice available to the customers
in terms of their specific requirements, budget and preferences (Krassner, 2010).
Outlook for the Industry
While the stationery industry is considered mature in many developed countries, there is still a powerful
potential for growth through market penetration and expanding into new and developing markets. In
Stationery Refuses to Remain Stationary
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developed countries, stationery manufacturers will need to find new ways to make their products
appealing to customers; this could include targeting niche markets and/or strategic price reduction. In
new and developing markets, the stationery industry will need to provide high quality stationery item at
a relatively low cost. The Asian-pacific region seems poised for the highest growth over the next few
years, but these companies also shouldn’t discount the Latin American market either. Companies that
take advantage of free trade laws in Latin America will be rewarded with tremendous growth
opportunity.
With technology advancing so rapidly, stationery companies will need to continue to find ways to be
relevant. Whether they embrace technology and create electronic products that function as pen and
paper or they focus on creating more niche products and open up new market segments, stationery
companies face an uphill battle. However, if they are able to successfully overcome these issues, the
stationery companies will continue to have solid growth of both sales and profits.
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Bibliography American Greetings. (n.d.). American Greetings: About us. Retrieved April 27, 2011, from American
Greetings: http://corporate.americangreetings.com/aboutus.html
Baxter, C. (2007, May). Brave New World... Again. Gifts & Decorative Accessories, pp. 56-61.
Bomeisel, P. (1996, February 1). Emerging markets: doing business in Latin America. Retrieved March 21, 2011, from PAPER, FILM & FOIL CONVERTER (PFFC): http://pffc-online.com/mag/paper_emerging_markets_doing/
Consumer Product Safety Act. (n.d.). Retrieved from Consumer Product Safety Commission: http://www.cpsc.gov/businfo/cpsa.pdf
Datamonitor. (2004). Global Stationery. Datamonitor.
Datamonitor. (2004). Stationery in Asia-Pacific. Datamonitor.
Hallmark, Inc. (n.d.). Corporate Information. Retrieved April 27, 2011, from Hallmark, Inc: http://corporate.hallmark.com/Company
International Monetary Fund. (n.d.). World Economic Outlook Database, April 2011. Retrieved April 18, 2011, from International Monetary Fund: http://www.imf.org/external/pubs/ft/weo/2011/01/weodata/weorept.aspx?sy=2009&ey=2016&scsm=1&ssd=1&sort=country&ds=.&br=1&pr1.x=75&pr1.y=15&c=311%2C336%2C213%2C263%2C313%2C268%2C316%2C343%2C339%2C273%2C218%2C278%2C223%2C283%2C228%2C288%2C233%2C293%2C238%2C
Krassner, K. (2010). Word on Stationery. Gifts & Decorative Accessories, pp. 140-155.
Masters, G. (1998). The writing is on the wall. Discount Merchandiser, 81.
Office Depot. (n.d.). Investor Relations. Retrieved March 21, 2011, from Office Depot, Inc: http://investor.officedepot.com/
Office Max, Inc. (n.d.). News Releases. Retrieved March 21, 2011, from Office Max: http://officemax.mediaroom.com/index.php?s=43
Staples, Inc. (n.d.). Investor Relations. Retrieved March 21, 2011, from Staples, Inc: http://investor.staples.com/
Wal-Mart Stores, Inc. (n.d.). Press Releases. Retrieved March 21, 2011, from Wal-Mar Stores, Inc: http://walmartstores.com/pressroom/news/
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Appendix A: Financial Ratios Worksheet
Profitability Ratios
Figures in Millions
Newell Rubbermaid
($) Societe BIC
(€) Richemont
(€) Average Return on Total Assets
푷풓풐풇풊풕풔풂풇풕풆풓푻풂풙풆풔
푻풐풕풂풍푨풔풔풆풕풔
2856,423.9
.0443655
144.92,029.1
.0714109
1,0767,411
.1451895
.0869886
Return on Stockholder’s Equity
푷풓풐풇풊풕풔풂풇풕풆풓푻풂풙풆풔푻풐풕풂풍푺풕풐풄풌풉풐풍풅풆풓 풔푬풒풖풊풕풚
2851,782
.1599326
144.91,172.1
.1236242
1,0764,832
.2226821
.1687463
Operating Profit Margin
푬푩푰푻푺풂풍풆풔
574.95,577.6
.103073
2161,562.7
.1382223
9825,418
.1812476
.1408476
Net Profit Margin
푷풓풐풇풊풕풔풂풇풕풆풓푻풂풙풆풔푺풂풍풆풔
2855,577.6
.0510972
144.91,562.7
.0927241
1,0765,418
.1985971
.1141395
Liquidity Ratios
Figures in Millions
Newell Rubbermaid
($) Societe BIC
(€) Richemont
(€) Average Current Ratio
푪풖풓풓풆풏풕푨풔풔풆풕풔
푪풖풓풓풆풏풕푳풊풂풃풊풍풊풕풊풆풔
2,182.11,759.5
1.2401818
1,208.5352.9
3.4244828
2,0282,308
.8786828
1.8477824
Quick Ratio
푪풖풓풓풆풏풕푨풔풔풆풕풔 − 푰풏풗풆풏풕풐풓풚푪풖풓풓풆풏풕푳풊풂풃풊풍풊풕풊풆풔
2,182.1 − 688.21,759.5
.849048
1,208.5 − 486.1352.9
2.0470388
2,028 − 2,4222,308
-.1707105
.9084587