The World Floor Covering Association (WFCA) has released its 2003 Financial Management Report. This 52-page retail industry comparative financial analysis is developed each year from demographic surveys and year-end financial statements voluntarily and confidentially submitted by WFCA members.
Twenty pages of the report constitute a primer on how to financially manage a business, according to the WFCA. The balance of the report is divided into five detailed statistical sections. Each of those sections is further divided by levels of gross sales and national averages for each line item of a typical Profit/Loss Statement and Balance Sheet.
The 2003 report represents data from 437 stores. The overall average annual sales volume for all participants in the study was $4.6 million.