Standard and Poor's
INDUSTRY SURVEYS
Apparel & Footwear
SEPTEMBER 2, 1999 / A PPAREL & FOOTWEAR
THIS ISSUE REPLACES THE ONE DATED OCTOBER 1, 1998.
THE NEXT UPDATE OF THIS SURVEY IS SCHEDULED FOR MARCH 2000.
C URRENT E NVIRONMENT ........................................................................................1
I NDUSTRY P ROFILE ........................................................................................................8
Industry Trends . ........................................................................................................... 9
How the Industry Operates . ................................................................................ 13
Key Industry Ratios and Statistics . ................................................................... 18
How to Analyze an Apparel or Footwear Company . ............................... 19
I NDUSTRY R EFERENCES ...........................................................................................23
C OMPARATIVE C OMPANY A NALYSIS ............................................................26
Howard Choe
Apparel & Footwear Analyst
Editor: Eileen M. Bossong-Martines
Copy Editor: Carol A. Wood
Production Coordinators: Li Wah Lai, Susanna Lee, Rose Yung
Statistician: Sally Kathryn Nuttall
Assistant to Editor: Paulette Dixon
Subscriber relations: 1-800-852-1641
Copyright © 1999 by Standard & Poor’s
All rights reserved.
ISSN 0196-4666
USPS No. 517-780
Visit the Standard & Poor’s web site: http://www.stockinfo.standardpoor.com STANDARD & POOR’S INDUSTRY SURVEYS is published weekly. Annual subscription:
$10,500. Reproduction in whole or in part (including inputting into a computer) prohibited except by permission of S&P. Executive and Editorial Office: Standard & Poor’s, 55 Water
Street, New York, NY 10041. Standard & Poor’s is a division of The McGraw-Hill
Companies. Officers of The McGraw-Hill Companies, Inc.: Joseph L. Dionne, Chairman;
Harold McGraw III, President
Apparel & Footwear
SEPTEMBER 2, 1999 / A PPAREL & FOOTWEAR
THIS ISSUE REPLACES THE ONE DATED OCTOBER 1, 1998.
THE NEXT UPDATE OF THIS SURVEY IS SCHEDULED FOR MARCH 2000.
C URRENT E NVIRONMENT ........................................................................................1
I NDUSTRY P ROFILE ........................................................................................................8
Industry Trends . ........................................................................................................... 9
How the Industry Operates . ................................................................................ 13
Key Industry Ratios and Statistics . ................................................................... 18
How to Analyze an Apparel or Footwear Company . ............................... 19
I NDUSTRY R EFERENCES ...........................................................................................23
C OMPARATIVE C OMPANY A NALYSIS ............................................................26
Howard Choe
Apparel & Footwear Analyst
Editor: Eileen M. Bossong-Martines
Copy Editor: Carol A. Wood
Production Coordinators: Li Wah Lai, Susanna Lee, Rose Yung
Statistician: Sally Kathryn Nuttall
Assistant to Editor: Paulette Dixon
Subscriber relations: 1-800-852-1641
Copyright © 1999 by Standard & Poor’s
All rights reserved.
ISSN 0196-4666
USPS No. 517-780
Visit the Standard & Poor’s web site: http://www.stockinfo.standardpoor.com STANDARD & POOR’S INDUSTRY SURVEYS is published weekly. Annual subscription:
$10,500. Reproduction in whole or in part (including inputting into a computer) prohibited except by permission of S&P. Executive and Editorial Office: Standard & Poor’s, 55 Water
Street, New York, NY 10041. Standard & Poor’s is a division of The McGraw-Hill
Companies. Officers of The McGraw-Hill Companies, Inc.: Joseph L. Dionne, Chairman;
Harold McGraw III, President