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Shops and stores

Second-hand retailer financial model, built free.

A three-statement Excel model for a second-hand and re-commerce retailer, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Buys, takes on consignment or receives donated used goods — clothing, electronics, luxury, furniture — and resells them in stores and online, earning a margin on the buy price or a consignment commission, sometimes alongside pawnbroking and small personal loans.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Second-hand retailer sample model.xlsx
The Summary sheet of the sample second-hand retailer model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a second-hand retailer.

  1. How it earns revenue2 formulas
    Loan yield and interest income · All loan portfolios
    Interest incomeAverage gross loansPortfolio yield (base rate + margin)share of the year
    Sales · All store formats
    Online salesOrdersAverage order value
  2. What drives its costs3 formulas
    Expected credit loss and write-offs · All loan portfolios
    Closing allowanceClosing gross loansfrom loan origination and runoffECL allowance coverage (% of gross loans)
    Expected credit loss and write-offs · All loan portfolios
    Credit loss expense (net write-offs + change in allowance)Write-offs (net of recoveries)Closing allowanceOpening allowance
    Expected credit loss and write-offs · All loan portfolios
    Write-offs (net of recoveries)Gross write-offsRecoveries
  3. What it invests in3 formulas
    Store capex and depreciation · All store formats
    Capital expenditureOnline salesfrom salesCapex as % of sales
    Store capex and depreciation · All store formats
    Less depreciationDepreciation (run-off of a mix of vintages)Depreciation
    Store capex and depreciation · All store formats
    Closing net book valueOpening net book valueAdd capital expenditureLess depreciation
  4. How it is funded3 formulas
    Loan origination and runoff · All loan portfolios
    Closing gross loansOpening gross loansNew lending (settlements)Scheduled amortisationPrepayments and other runoff (including loans written off)
    Loan origination and runoff · All loan portfolios
    Net loans advanced (new lending less cash repayments)Closing gross loansOpening gross loansWrite-offs (net of recoveries)from expected credit loss and write-offs
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

27 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Discount rate (WACC)CAPM at target gearing
  • Burn and runwayRunway to the forecast cash-out date
  • InventoryStock per store plus DC stockStock held in stores, distribution centres and in transit, and the cash it ties up.
  • Interest-rate forecastFlat base rate
  • Loan origination and runoffOriginations less runoff
  • Loan yield and interest incomeBase rate plus margin
  • Expected credit loss and write-offsAllowance coverage and write-off rate
  • Store networkRoll-out to a target networkStores trading in each period — openings, closures and selling area — which every per-store driver multiplies.
  • SalesOnline sales from active customers × orders × order valueSales of the format — stores, restaurants, cafés or an online channel — the revenue base of every retailer.
  • Cost of goods soldProduct margin less shrinkage and freightCost of the goods (or food) sold by the format, after supplier terms, freight, markdowns and shrinkage.
  • Store and channel operating costsPer-store wages, rent and other costsCosts of running the format — store wages, rent and occupancy, running costs, or an online channel's fulfilment and platform costs (rent here is the pre-AASB 16 cash view).
  • Store capex and depreciationCapex as % of salesFit-out spend on new stores, refurbishments and maintenance, and the depreciation and book value of store assets.
  • Like-for-like growth driverInflation plus volumeLike-for-like (comparable-store) growth built from its drivers — price, volume, traffic, ticket, macro.
  • Marketing and customer acquisitionNew customers × CAC plus retentionSpend on acquiring and retaining customers — media, catalogues, paid search and social, affiliates and CRM.
  • Store and unit economicsNew-store investment and paybackFour-wall (store) profit and the return on each new store or restaurant — the unit economics that support a roll-out, a franchise system or an online channel; reporting only.
Key numbers

The numbers it tracks.

  1. 01items processed
  2. 02sell-through %
  3. 03buy price to sale price
  4. 04gross margin %
  5. 05pawn loan book
  6. 06store EBITDA
Used for

What it is used for.

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See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.