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KEY PERFORMANCE INDICATOR KEY PERFORMANCE INDICATOR
Submitted by:
Abdul Qayoom
(09-2647)
Submitted to:
Sir Imtiaz
Program:
BACHELORS OF BUSINESS ADMINISTRATION PROGRAM
National University of Computer & Emerging Science
Management Science Department,
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Acknowledgement
First of all, I would like to Thanks to Allah for providing me the potency, courage and skills to learn, and acquire the knowledge and the ability to accept and meet the challenges. And also I would like to express my sincere gratitude to my supervisor Sir Imtiaz Ahmed. Then thanks to those who have helped in performing this project especially my friends and family. I hope this project will be beneficial for the students of MIS. Once again I would like to thank all those who have been involved directly or indirectly in this project.
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LETTER OF TRANSMITTAL
To: Sir Imtiaz Ahmed
From: Abdul Qayoom
Date: March 26, 2012
Subject: Measure the Performance of Kroger Company
All praises and thanks are for Almighty ALLAH Who is the source of all knowledge and wisdom endowed to mankind and to the humanity as a whole.
Behind, every project is a vision and in order to complete a successful project we must have a determination to complete that vision. We would like to say the words of appreciation to our course instructor Sir Imtiaz Ahmed for motivating us for going towards that vision and his abilities to turn that vision into reality.
The encouragement and assistance of our parents and friends are gratefully acknowledged. We are extremely indebted to the individuals who supplied us with ample help, guidance and information without which this report would never have been completed. We regret if we have forgotten to mention anyone concerned.
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Karachi, Campus
ContentsExecutive Summary.....................................................................................................................................6
Company History.........................................................................................................................................7
Financial Ratios............................................................................................................................................9
For Kroger Co and CVS Caremark............................................................................................................9
Human Resource Ratios.............................................................................................................................16
Interpretations for Human Resource Ratios..........................................................................................17
Marketing Ratios.......................................................................................................................................18
Interpretations for Marketing Ratios.....................................................................................................19
Supply Chain Ratios...................................................................................................................................20
Interpretations for Supply Chain Ratios.................................................................................................21
Balance Sheet............................................................................................................................................22
Income Statement.....................................................................................................................................23
Bibliography...............................................................................................................................................24
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Executive Summary
The report includes the balanced scorecard for Kroger Co. which includes Marketing metrics,
HR Metrics, Financial Metrics and Supply Chain Metrics. These metrics are used to calculate
different ratios for different departments for an organization.
The Kroger Co. is an American retail supermarket chain founded by Bernard Kroger in 1883
in Cincinnati, Ohio. It reported US$ 8.2 billion in sales during fiscal year 2011. It is the country's
largest grocery store chain and its second-largest grocery retailer by volume and second-place
general retailer in the country, with Wal-Mart being the largest.
Kroger Company operates through supermarkets, convenience stores and jewelry stores with the
main revenue generator are supermarkets.
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Company History
The Kroger Co. operates grocery retail stores under the following banners:
Supermarkets - Kroger, Ralphs, Dillons, Smith's, King Soopers, Fry's, QFC, City Market, Owen's, Jay C, Pay Less, Baker's, Gerbes, Scott's Food & Pharmacy
Multi-department stores - Fred Meyer Dillons Marketplace, Fry's Marketplace, Kroger Marketplace, Smith's Marketplace Price-impact warehouse stores - Food 4 Less, Foods Co
Kroger operates its grocery retail stores in the following four formats:
Supermarkets Multi-department stores Price-impact warehouse stores Marketplace stores
SupermarketsThe combination food and drug store is Kroger's primary supermarket format. These stores are able to earn a return above the cost of capital by drawing customers from a 2 - 2.5 mile radius.
Although considered "neighborhood stores" - in terms of size, shopping experience, and travel time - they are large enough to offer the high-margin specialty departments that customers desire. Specialty departments include: whole health sections, pharmacies, pet centers and world-class perishables, such as fresh seafood and organic produce.
Multi-department storesFred Meyer - Operated successfully by Fred Meyer since 1922, the multi-department store is a unique one-stop shopping experience. Fred Meyer is the nation's third-largest supercenter operator. Stores average over 165,000 square feet and carry more than 225,000 food, apparel, and general merchandise products under one roof. The multi-department stores include a broad selection, including:
Full-line supermarket Apparel Home fashion Shoes Accessories Garden Home electronics
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Paint and hardware Nutrition centers
An important part of Fred Meyer's competitive advantage is its emphasis on national brand products, such as Levi's, Columbia Sportswear, Nike, Kitchen Aid, adidas, Skechers, Dockers, Carhartt, Apple, Panasonic, Nikon, Canon, Jockey, Krups, Ashley, and Sony. Also included are many private-label products that offer high-quality alternatives at lower prices.
Marketplace StoresThese multi-department stores offer full-service grocery, pharmacy and expanded general merchandise including outdoor living products, electronics, home goods and toys. Marketplace stores opened during the last two years range in size from 100,000 to 130,000 square feet.
Price-impact warehouse storesThe high-quality produce in these stores is unique in the warehouse format and is a key competitive advantage. These formats also offer distinctive ethnic products, catering to the demographics of the neighborhoods that they serve.
Food 4 Less currently operates grocery warehouse stores under these banners:
Food 4 Less in Southern California, Nevada, Illinois and Indiana Foods Co in Northern California
These stores average more than 57,000 square feet in size and offer budget-conscious shoppers everyday low prices, superior quality, and a wide selection of national brand groceries, health and beauty care items, meat, dairy products, baked goods and fresh produce.
Supermarket petroleum groupKroger believes that gasoline is a natural addition to the one-stop-shopping experience. We began selling petroleum on the parking lots as an addition to the supermarket offering in 1998. At the end of the fourth quarter 2011, Kroger operated 1,090 supermarket fuel centers. The typical supermarket fuel center consists of:
Fuel pumps (three to seven) Kiosk to buy cigarettes, snacks, candy and miscellaneous oil-related products Well-lit canopy that covers the entire center
All of the fuel centers accept credit and debit cards at the pump. In most divisions, the gasoline offering is tied to the loyalty program.
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Financial Ratios
For Kroger Co and CVS Caremark
1. Current Ratio= Current Assets/ Current Liabilities
Indicator FormulaKroger CoMillions us($)
CVS CaremarkMillions us($)
Current Ratio
Current Assets/Current Liability
23,505.0/18,209.0
1.2908 18,594 /11,956 1.555
Kroger Co
Here the number of assets is 23505000 and number of liabilities is 18209000 which is greater
than assets. Therefore the current ratio is not very good since the company cannot pay off its
short-term liabilities with its short-term assets.
CVS Caremark
Here the number of assets is 18594000 and is greater than number of liabilities which is
11956000. Therefore the current ratio is very good since the company can pay off its short-term
liabilities with its short-term assets.
2. Quick Ratio= Current Assets – Inventory/ Current Liabilities
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Quick RatioInventory/Current Liability
4,966.0/ 18,209.0 .2727 8564/12364 .6926
Kroger Co
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Quick ratio is a liquidity indicator that further refines the current ratio by measuring the amount
of the most liquid current assets. Higher ratio means more liquid assets. Here the ratio is 0.272
which is relatively lower so company assets are not in liquid position.
CVS Caremark
Quick ratio is a liquidity indicator that further refines the current ratio by measuring the amount
of the most liquid current assets. Higher ratio means more liquid assets. Here the ratio is 0.6929
which is slightly higher so company assets are in slightly liquid position
3. Total Debt = Total Liabilities /Total Assets
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Total DebtTotal Liability/Total Asset
18,209.0/23,505.0 .7746 26,462 /64,543 .4099
Kroger Co
Debt ratio is the one which is used to gain a general idea as to the amount of leverage being used
by a company. A low percentage means that the company is less dependent on leverage, i.e.,
money borrowed from and/or owed to others. Here the debt ratio is very high which means
company is heavily dependent on leverage.
CVS Caremark
Debt ratio is the one which is used to gain a general idea as to the amount of leverage being used
by a company. A low percentage means that the company is less dependent on leverage, i.e.,
money borrowed from and/or owed to others. Here the debt ratio is very low which means
company is not dependent on leverage.
4. Inventory Turnover= Sales/Inventory of finished goods
10
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Inventory Turnover
Sale/Inventory of finished goods
82,049.5/3912.5 20.97 107,100,000 /10,046,000 10.66
Kroger Co
Inventory turnover is the ratio which indicates the inventory cycle over a given period of time.
Lower the turnover ratio, better the cycle. Here the turnover ratio is 20.97 which are good.
CVS Caremark
Inventory turnover is the ratio which indicates the inventory cycle over a given period of time.
Lower the turnover ratio, better the cycle. Here the turnover ratio is 10.66 which is good.
5. Earnings per Share = Net Income/ No of shares of common stock outstanding.
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Earnings per share
Net Income/No of share of common stock
1,116.3/571.6 1.952 3,461/9645 .3588
Kroger Co
Earnings per share serve as an indicator of a company's profitability. The greater earning per
share represents the good profitable position of the company. Here the EPS is 1.952 which is
very low and reflects the bad condition of the company.
CVS Caremark
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Earnings per share serve as an indicator of a company's profitability. The greater earning per share represents the good profitable position of the company. Here the EPS is 0.3588 which is very good and reflects the good condition of the company.
6. Return on Assets= Net income/ Total Assets
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Return on asset
Net Income/Total Asset36,116.3/23,960 1.507 3461/
64,543
.0536
Kroger Co
This ratio indicates how profitable a company is relative to its total assets. The return on assets
(ROA) ratio illustrates how well management is employing the company's total assets to make a
profit. The higher the return, the more efficient management is in utilizing its asset base. Here
the ROA is 1.507 which is very stable and reflects that company is in good position.
CVS Caremark
This ratio indicates how profitable a company is relative to its total assets. The return on assets
(ROA) ratio illustrates how well management is employing the company's total assets to make a
profit. The higher the return, the more efficient management is in utilizing its asset base. Here
the ROA is 0.536 which is very unstable condition as far as return on assets is concerned.
7. Fixed Assets Turnover= Sales/ Fixed Assets
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Fixed asset turnover
Sales/Fixed assets82,049.5/16137 5.0845 107,100,000 /
549491.949
Kroger Co
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This ratio is a rough measure of the productivity of a company's fixed assets (property, plant and
equipment) with respect to generating sales. The higher the yearly turnover rate, the better is for
the company. Here the FAT is relatively better for the company.
CVS Caremark
This ratio is a rough measure of the productivity of a company's fixed assets (property, plant and
equipment) with respect to generating sales. The higher the yearly turnover rate, the better is for
the company. Here the FAT is very good for the company.
8. Net Profit Margin= Net Income/ Sales
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Net Profit Margin
Net Income/Sales1,116.3/82,049.5 0.0136 3,461,000/107,100,000 0.03231
Kroger Co
Often referred to simply as a company's profit margin, It is the most often mentioned when
discussing a company's profitability. Higher profit margin reflects good profitable position of the
company. In this case the profit margin is very low which shows the lower profitable position of
the company.
CVS Caremark
Often referred to simply as a company's profit margin, it is the most often mentioned when
discussing a company's profitability, Higher profit margin reflects good profitable position of the
company. In this case the profit margin is very low which shows the lower profitable position of
the company.
9. Return on Stock holders Equity= Net Income/ Total Stock holder’s Equity
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Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Return on Stock holder Equity
Net Income/Total stock holder’s Equity
1,116.3/23,960.0 0.0465 3,461,000/38,051,000
0.0909
Kroger Co
This ratio indicates how profitable a company is by comparing its net income to its average
shareholders' equity. The return on equity ratio (ROE) measures how much the shareholders
earned for their investment in the company. The higher the ratio percentage, the more efficient
management is in utilizing its equity base and the better return is to investors. Here the ROE is
normal and represents a stable position.
CVS Caremark
This ratio indicates how profitable a company is by comparing its net income to its average
shareholders' equity. The return on equity ratio (ROE) measures how much the shareholders
earned for their investment in the company. The higher the ratio percentage, the more efficient
management is in utilizing its equity base and the better return is to investors. Here the ROE is
low.
10. Operating profit margin= Earnings before Interest and Taxes ( EBIT )/Sales
Indicator FormulaKroger CoMillions us($)
CVS Caremaker Millions us($)
Operating Profit Margin
Earnings before Interest and taxes/Sales
2,181.9/82,049.5 0.0265 6,330,000/107,100,000 0.05910
Kroger Co
Operating margin or operating profit margin measures what proportion of a company's revenue is left over, after deducting direct costs and overhead and before taxes and other indirect costs such as interest. A high or increasing operating margin is preferred because if the operating margin is
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increasing, the company is earning more per dollar of sales. In this case the Operating profit margin is very low and it is not good for company.
CVS Caremark
Operating margin or operating profit margin measures what proportion of a company's revenue is
left over, after deducting direct costs and overhead and before taxes and other indirect costs such
as interest. A high or increasing operating margin is preferred because if the operating margin is
increasing, the company is earning more per dollar of sales. In this case the Operating profit
margin is very low and it is not good for company.
Financial Metrics Strategic Objectives & strategic questions
Outcome Measure/Indicators
CVS Caremark
Current ratio The extent to which a firm can meet its short term
obligations.
1.2908 1.555
Quick Ratio To meet short term obligations without relying
upon sales of its inventories.
.2727 .6926
Total Debt Measures company's financial risk that how much of the
assets have been financed by debt.
.7746 .4099
Inventory turnover How the firm is selling its inventories as compared to
industry average.
20.97 10.66
Earnings per share Earnings available to the owners of common stock.
1.952 .3588
Return on Assets After tax Profits. 1.507 .0536
Fixed Assets Turnover Sales productivity and plant and equipment utilization.
5.0845 1.949
Net Profit Margin After Tax profit per Euro of sales.
0.0136 0.03231
Return on Stock holder Equity
After tax investment of Stock holders in the firm.
0.0465 0.0909
Operating Profit Margin
Profitability without concern for taxes and interest.
0.0265 0.05910
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Human Resource Ratios
Human Resource Metrics
Strategic Objectives & strategic questions
Kroger
Turnover ( annual ) It measures the rate of employees living in the organization and being
replaced by new employees
* 20 %
Revenue per Employee
It measures the revenue that is generated by an employee on monthly
basis.
8218900000/338000 $ 2026/ month
Cost of Employee Training
It measures total training cost incurred for one employee training.
* $ 5000
Asset per employ It measures the total no of employ with all assets
5296000000/338000 $15668.6
Cost of benefits It measures the total cost of benefits provided to
each employee working in the organization.
* $ 975
Net income per employ
Measures income per employ
1133000000/338000 $3352
Absenteeism Determine whether the company has absenteeism
problem
* 8.1 days missed 5.1 days missed
Total HR cost It helps in knowing costs and it gives opportunity for continuous improvement.
* $ 10980
Equity per employ It measures the employ per equity.
5296000000/338000 $15668639
Cost per hire It determines the cost that occurs on every hiring.
* $ 195
Interpretations for Human Resource Ratios
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The rate of employee turnover is 20% for Kroger as the rate of employee turnover is 15.3%. This
shows that Kroger has a better rate of employees living in the organization and being replaced by
new employees.
The revenue per employee is more for CVS Caremark which is $ 157 per months as compared to
$ 69 per month for Kroger. Cost of training employees is more for CVS Caremark which is $
8000 and the cost of training of employees is less for Kroger with $ 5000. The lost time is more
for Kroger which is 120 days due to absenteeism, accidents and sick days as compared to 75
days for CVS Caremark. Total HR cost for knowing costs as it gives opportunity for continuous
improvement is $ 10980 for Kroger compared to $ 1614 for CVS Caremark.
Marketing Ratios
Human Resource Metrics
Strategic Objectives & strategic questions
Kroger CVS Carem
ark
Return on Investments
Tells you the percentage return you have made over a specified period as a
result of investing in training programs.
* 14.2 % 25 %
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Number of new customers
Tells about Customer acquisition * 4 per month 6 per month
Shadowing Shadowing calculates a shadow price for the variable rather than relying
solely on market price, which is how the value of economic variables tends
to be measured
* $45 $30
Opportunity Cost
The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an
alternative action.
* $125 $140
Marginal Rate Of Transformation
The rate at which one good must be sacrificed in order to produce a single extra unit (or marginal unit) of another good, assuming that both goods require
the same scarce inputs
* 25x 30x
Average order size
The average amount spent by a customer per order. Many companies have goals of increasing average order
size through marketing.
* 16.1 23
Attrition or churn
How frequently do customers terminate the relationship by opting
out, stop purchasing or choose a competitor.
* 26 24
Item purchase by employ
It is showing no item purchase by single employ in one month
* 120/month 134/month
% of neglected opportunities
Percentage of opportunities that were neglected i.e. where no follow-up and/or contact has been made for a
certain period.
* 21 11
% of dormant customers
Percentage of customers not using the product or service.
* 23 35
Interpretations for Marketing Ratios
The return on investment is high for CVS Caremark with 25% as compared to Kroger’s 14.2%.
The number of new customers is also more for CVS Caremark with 6 new customers per month
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as compared to 4 customers per month for Kroger. The average amount spend by customers at
Kroger is 16.1 as compared 23 for CVS Caremark. For Kroger 28 customers choose different
competitors which are very high as compared to 21 customers switching to other competitors for
CVS Caremark.
Supply Chain Ratios
Supply chain Strategic Objectives Kroger CVS
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Management & strategic questions CaremarkInventory months of supply
Inventory on-hand divided by average
monthly usage.
* 8 5
Manufacturing Schedule Adherence
The absolute variance of actual production to scheduled production
* 90% 75%
Sell-through % Is a percentage of units sold during a
period and it is calculated by dividing
the number of units sold by the beginning on-hand inventory (for
that same time period).
* 1252 units 1000 units
Inventory Turns This KPI tells us how often the average
inventory over a given period of time (usually a year) is sold in that same period of time.
* 38 days 26 days
% of backorders Percentage of unfulfilled orders
* 1% 2%
Customer order cycle time
The average time it takes to fill a customer
order.
* 2hrs 1hrs
Perfect Order Measure / Fulfillment
The error-free rate of each stage of an order.
Error rates are captured at each stage (order entry, picking, and delivery, shipped
without damage, invoiced correctly)
and multiplied together.
* 98% 90%
Scrap value % Scrap value as a percentage of
production value.
* 12% 15.8%
On time delivery and pickup [Load, stop and shipment]
% of shipments which were delivered on time upon the total
number of goods..shipments
* 98% 91%
Inventory Accuracy of the book * 80% 92%
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Accuracy inventory versus the counted inventory.
Interpretations for Supply Chain Ratios
CVS Caremark has a better rate for inventory on hand which is 5 days as compared to Kroger’s 8
days. Kroger has only 1 % of unfulfilled orders where as CVS Caremark have 2 % of unfulfilled
orders. The average time it takes to fill a customer order at Kroger is 2hrs where as at CVS
Caremark it is only 1hr. The accuracy of the book inventory versus the counted inventory for
CVS Caremark is 92 % as compared to 80 % for Kroger.
Balance Sheet
Currency inMillions of US Dollars
As of:Jan 312009Restated
Jan 302010Restated
Jan 292011Reclassified
Jan 282012
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Revenues 76,148.0 76,609.0 82,049.0 90,374.0
Total Revenues 76,148.0 76,609.0 82,049.0 90,374.0
Cost Of Goods Sold 58,012.0 58,319.0 63,270.0 70,962.0
Gross Profit 18,136.0 18,290.0 18,779.0 19,412.0
Selling General & Admin Expenses, Total 14,215.0 14,513.0 14,954.0 15,506.0
Depreciation & Amortization, Total 1,443.0 1,525.0 1,600.0 1,638.0
Other Operating Expenses, Total 15,658.0 16,038.0 16,554.0 17,144.0
Operating Income 2,478.0 2,252.0 2,225.0 2,268.0
Interest Expense -485.0 -502.0 -448.0 -435.0
Net Interest Expense -485.0 -502.0 -448.0 -435.0
Ebt, Excluding Unusual Items 1,993.0 1,750.0 1,777.0 1,833.0
Impairment Of Goodwill -- -1,113.0 -18.0 --
Other Unusual Items, Total -26.0 -48.0 -25.0 -990.0
Other Unusual Items -- -- -- -953.0
Ebt, Including Unusual Items 1,967.0 589.0 1,734.0 843.0
Income Tax Expense 717.0 532.0 601.0 247.0
Minority Interest In Earnings -1.0 13.0 -17.0 6.0
Earnings From Continuing Operations 1,250.0 57.0 1,133.0 596.0
Net Income 1,249.0 70.0 1,116.0 602.0
Net Income To Common Including Extra Items 1,242.0 69.0 1,109.0 598.0
Net Income To Common Excluding Extra Items 1,242.0 69.0 1,109.0 598.0
Income Statement
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Currency inMillions of US Dollars
As of:Jan 312009Restated
Jan 302010Restated
Jan 292011Reclassified
Jan 282012
assets
Cash And Equivalents 263.0 424.0 825.0 188.0
Total Cash And Short Term Investments 263.0 424.0 825.0 188.0
Accounts Receivable 944.0 909.0 845.0 949.0
Total Receivables 944.0 909.0 845.0 949.0
Inventory 4,905.0 4,935.0 4,966.0 5,114.0
Prepaid Expenses 209.0 261.0 319.0 288.0
Other Current Assets 931.0 954.0 666.0 786.0
Total Current Assets 7,252.0 7,483.0 7,621.0 7,325.0
Gross Property Plant And Equipment 23,900.0 25,673.0 26,716.0 28,071.0
Accumulated Depreciation -10,739.0 -11,744.0 -12,569.0 -13,607.0
Net Property Plant And Equipment 13,161.0 13,929.0 14,147.0 14,464.0
Goodwill 2,271.0 1,158.0 1,140.0 1,138.0
Long-Term Investments -- 26.0 45.0 25.0
Other Long-Term Assets 573.0 530.0 552.0 524.0
Total Assets 23,257.0 23,126.0 23,505.0 23,476.0
liabilities & equity
Accounts Payable 3,822.0 3,890.0 4,227.0 4,329.0
Accrued Expenses 845.0 995.0 1,096.0 1,280.0
Current Portion Of Long-Term Debt/Capital Lease 558.0 579.0 588.0 1,315.0
Current Portion Of Capital Lease Obligations 30.0 30.0 39.0 40.0
Other Current Liabilities, Total 2,060.0 1,909.0 1,939.0 1,991.0
Total Current Liabilities 7,646.0 7,727.0 8,070.0 9,105.0
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Long-Term Debt 7,114.0 7,084.0 6,942.0 6,533.0
Capital Leases 391.0 393.0 362.0 358.0
Minority Interest 95.0 74.0 2.0 -15.0
Pension & Other Post-Retirement Benefits 1,174.0 1,082.0 946.0 1,393.0
Deferred Tax Liability Non-Current 384.0 568.0 750.0 647.0
Other Non-Current Liabilities 1,248.0 1,346.0 1,137.0 1,474.0
Total Liabilities 17,957.0 18,200.0 18,207.0 19,510.0
Common Stock 955.0 958.0 959.0 959.0
Additional Paid In Capital 3,266.0 3,361.0 3,394.0 3,427.0
Retained Earnings 7,518.0 7,364.0 8,225.0 8,571.0
Treasury Stock -6,039.0 -6,238.0 -6,732.0 -8,132.0
Comprehensive Income And Other -495.0 -593.0 -550.0 -844.0
Total Common Equity 5,205.0 4,852.0 5,296.0 3,981.0
Total Equity 5,300.0 4,926.0 5,298.0 3,966.0
Total Liabilities And Equity 23,257.0 23,126.0 23,505.0 23,476.0
Bibliography
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