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Refer to this company's financial statements for its most recent fiscal year.     

http://phx.corporate-ir.net/phoenix.zhtml?c=63646&p=irol-reportsannual

1. What fiscal year-end are you reviewing (month, day, year)?
2. How would you describe this company's competitive strategy?
3. Describe the productivity of its stores relative to previous stores. How does this company describe the changes?
4. Compute this company's return on equity (ROE), broken into the 3 components (margin, turnover, and leverage) for the fiscal year. What does this suggest about this company's performance?
5. Are there any accounting features that affect the computed ROE (either positively or negatively)?
6. How well does this company's financial reporting reflect the underlying economics of the firm?
7. What is your assessment of this company's earnings quality?

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