O MODELO FLEURIET: UMA ANALISE COMPARATIVA DA PERFORMANCE DO CAPITAL DE GIRO ENTRE EMPRESAS DO SEGUIMENTO COMERCIAL VAREJISTA E DE ROUPA DA BM&FBOVESPA

This research investigated the impact of the use of working capital on the performance of the following companies: Lojas Renner S.A., Lojas Americanas S.A., CIA. Hering, Guararapes Confecções SA and Lojas Marisa SA. For the calculation of Working Capital Management, the Fleuriet Model and the CCC (Cash Conversion Cycle)wereused as the main measures, and to capture the effect of Working Capital in the financial result of the companies, ROA (Return on Assets), ROE (Return on Equity or Equity),Asset Turnover and Return on Sales were calculated. For this purpose, the financial statements were collected in the period from 12/31/2009 to 12/31/2015. Initially, the indicators of Fleuriet Model were calculated to classify the structure and financial situation of the organizations. The CCC and the profitability indicators were also calculated. After calculating the profitability indicators, it was noticed that a large Cash Balance does not necessarily indicate a good management of the working capital, but that the company applied its resources on the financial marketreducing its investments in it's own organization. It was also verified that the only company that has an excellent financial structure makes optimized CCC management with larger payment deadlines than the delivery deadlines, but it did not guarantee for the company a higher return to the companies that finance their clients, concluding that companies adopt differentiated strategies for the application of their investments.