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Benchmark


2018 THE GARDEN MARKET SUPPLEMENT


STOCKTURN: WOODCOTE GREEN WELL AHEAD


Stockturn times per annum


1. Woodcote Green 2. Bents


3. Stewarts 4. Gordale Polhill


5.


6. Van Hage 7. Garsons Whitehall Frosts


8. 9.


10. Aylett 11. Haskins


12. Barton Grange 13. Squires


5-year Latest


average year 10.1


8.0


7.5 7.8 6.8 6.4 6.1 6.6 6.0 6.5 5.6 6.9 5.5 5.9 5.4 5.4 5.3 4.7 5.1 4.6 5.0 4.9 4.8 4.6 4.8 4.9


14. Chessington 4.8 4.0 15. Webbs


16. Scotsdale 17. Millbrook 18. Coolings 19. Hillier


20. Dobbies 21. Wyevale


22. Blue Diamond 23. Hayes


24. Notcutts 25. Planters 26. Klondyke Average


4.7 4.1 4.4 5.3 4.3 4.2 4.2 3.9 3.8 3.5 3.8


-1


year 9.2


-2 year 10.3 -3 year 10.6 -4


year 12.4


4.1


3.4 4.2 3.3 3.6 3.2 4.2 2.9 3.4 2.8 2.7 2.0 2.1


8.2 7.1 7.5 7.1 7.0 7.2 7.1 6.2 6.4 6.4 5.7 5.7 5.4 5.9 6.4 5.5 6.3 5.6 5.3 3.7 5.7 5.5 5.4 5.0 5.2 5.5 5.7 5.2 5.4 4.5 5.6 6.5 5.0 5.3 5.6 4.8 5.4 4.9 5.1 4.8 5.1 5.6 4.5 4.3 4.4 4.8 4.8 5.2 4.5 6.0 4.9 4.6 4.7 5.0 5.2 4.6 4.8 4.0 3.7 4.4 4.6 4.1 4.2 4.5 3.6 4.3 5.6 3.8 3.5 3.8 4.0 3.9 4.2


4.2 3.4 3.0 4.8 4.9 4.9


Source: DIY Week analysis of fi led company accounts 8 DIY WEEK GARDEN MARKET SUPPLEMENT


3.0 2.9 3.9 3.1 3.9 3.4 2.9 2.6 3.0 3.5 2.9 2.5 3.3 2.9 2.5 2.4 3.4 2.7 2.6 2.6 2.1 2.1 2.0 1.9 4.9


4.9 4.6 W


oodcote Green’s stockturn performance has been a source of perplexity to us for years: how


does one company consistently record a stockturn fi gure so far ahead of the industry average? Do they deliberately run stocks down to a minimal level towards the year end? Are they more aggressive about depreciation, valuing unsold stock at below its potential selling price? Do they impose more demanding ‘just in time’ disciplines on their suppliers? Aside from this, three things stand


out. The fi rst, of course, is that the average stockturn fi gure for the 26 garden centre operators covered by this survey is absolutely consistent from year to year: 4.9 times every year for the past four years. Secondly, the reason for the consistency of the industry’s average stockturn fi gure is that most of the individual retailers covered by this survey are remarkably consistent too. Comparing the latest year with four years earlier, there is an overall improvement: 18 of the 26 recorded a higher fi gure in their latest accounts, and only eight saw the fi gure fall. But reading across the lines, there is little evidence to suggest that garden centre operators are working hard to improve their stockturn. Finally, there is the extraordinarily


wide range of fi gures recorded. In the upper part of the table, there are fi ve retailers who manage to turn the stock at least six times a year. At the bottom end, there are a few which don’t even reach half that fi gure. This may in part be attributable to the fact that some of the retailers listed are also growers – and if you’re growing hardy nursery stock, you may have to wait several years before you have a saleable product. But even so we wonder whether any of the retailers at the bottom end of the table ever compare their stockturn performance to that of the companies at the top of the table, and ask themselves: what do they know that we don’t?


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