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下面为大家整理一篇优秀的essay代写范文 --Consumer confidence and disposable income，文章讲述英国经济衰退导致消费者信心水平下跌,可支配收入减少，价格通缩的比例增加，大多数零售商的收入遭受打击，从2003年，销售额和利润稳步增长,然而在2008年经济却呈现显著的衰退趋势。

由于消费者倾向于购买更稀有的物品,所以一些奢侈品牌时装零售商预计将获得相对更多的销售量，但消费者转向寻求更加昂贵的,拥有更好的质量的，使用期更长的商品,主要针对一些服装和配件。然而，正如一些零售商所说的一样，利润在下降，对于中端市场时尚零售商来说，营业利润低于奢侈品销售商，也许中间市场的零售商也处于水深火热中。

本研究旨在研究两个截然不同的时装零售商在财务数据的对比。即使一个奢侈品牌时装零售商历经了了比中端市场时装零售商更广的财务比率。

本研究将考察古奇和扎拉在2009年前的主要财务比率，这5年也是这两个品牌的名声增长期间，我们主要确定数据的趋势和各自的缺点比较，以及分析这些数据对于利益相关者的影响。

Introduction

The UK recession has led to a reduction in the level of consumer confidence and disposable income as well as increasing percentage of price deflation and damaging most retailers' financial statements after a steady growth in sales and profits from 2003, before the recession 2008.

Luxury brand fashion retailers are expected to gain relatively more sales in the recession due to part of the consumers tend to buy less, but seeking more expensive, with better quality and long-lasting, staple clothing and accessories. However, as profits are said to be falling for every retailer, and for the mid-market fashion retailers having lower gross and operating profits than luxury brand retailers, perhaps the mid-market retailers have also been suffering as well.

This study aims to examine the financial data on two contrasting fashion retailers to test the hypothesis that even though a luxury brand fashion retailer has suffered more than a mid-market fashion retailer in terms of financial performance using a wide range of financial ratios.

This study will examine the main financial ratios of Gucci and Zara in UK for the previous 5 years to 2009 using data from FAME to identify trends and weaknesses compared to each other and to analyse the implications for stakeholders.

Literature review

The initial way to see how the company has operated is by analysing the year-over-year sales growth and simply calculating the percentage of turnover increased from previous year and companies seek to generate a constant growth year by year. The year-on-year sales growth researched by Verdict (2008) shows that UK retail sales in 2008 declined 13% from 2007, mid market is losing shares with negative growth but luxury brands with increased sales of 13.9% by year ended 2007. For the year ended 31 Jan 2008, Zara UK's sales growth decreased by 12% comparing growth of 30% for the year ended 31 Jan 2007.

Inspecting and comparing only the figures in two companies' balance sheets and profit and loss accounts has no real meaning in terms of the company performance unless having to calculate the relevant ratios needed, provided that the companies comparing are in the same market segment, and in this study will be the retail market. (Wood & Sangster, 2005)

Ratios are very useful in helping to understand, analyse and furthermore compare the relationship and performance between two numbers as there are vast numbers of parties including shareholders, lenders and competitors interested in the financial performance of the company such as year-over-year sales growth and therefore ratios have to be handled very carefully or otherwise very misleading. In order to interpret a comparison on financial performance, we need the ratios of profitability, sales and profit growth, cost, liquidity, gearing and interest cover.