Overview

Learn the 4 components that make Retail Buying profitable. Each of them are explained in detail in this course. This course addresses the construction and calculation of the Basic and Expanded P & L StatementIn the Basic P & L StatementWe will examineBasic Components of the P & L StatementNet SalesCost of Goods SoldGross MarginOperating ExpensesOperating ProfitInterrelationships among ComponentsFour Variables Adjusted for ProfitWe will also discuss how to adjust the Four Profit Variables, to increase store profit.Retail priceSales volumeCost of goods soldOperating expensesYou'll learn how to set the optimal retail price for your products to ensure you're making a profit while still being competitive. We'll also cover ways to increase sales volume, from marketing and advertising to improving your store's layout and customer service.Next, we'll delve into the cost of goods sold, discussing the various costs that go into producing and selling your products and how you can minimize them without sacrificing quality. Finally, we'll look at operating expenses, including everything from rent and utilities to salaries and marketing, and explore ways to reduce these costs while still maintaining a successful business.In the Expanded StatementWe will examineGross SalesReductionsTotal Costs of Goods SoldMaintained MarkupGross MarginContribution MarginGMROIYou will have worked examples to understand each component and Quizzes that help you think and remember the components and see the relationship between each of the component By the end of this course, you'll have a comprehensive understanding of the Four Profit Variables and the strategies you can use to adjust them to increase your store's profitability. Whether you're a seasoned retailer or just starting out, this course is a must-have for anyone looking to grow their business and increase their bottom line.

Skills

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