Stage 4 (2020) “The Weakest Link”

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Stage 4 (2020) "The Weakest Link"

This is a case from the Financial Modeling World Cup 2020, Stage 4 (Dec 18-21) competition. It can be used to expand your knowledge of financial modeling and train for future FMWC Stages.

Case description:

You have been hired by Fashion Store Inc. to analyze each store’s profitability based on the data export provided for the first 6 months of the year. Your goal is to create a financial model that summarizes historical data for the company on an individual store level. The model should give the most detailed statistics and calculate each store’s profit for a given month or the whole 6-month period. Additionally, you should provide suggestions for improving each store’s financial results.

Fashion Store Inc. operates a small network of 5 clothing stores (Alpha, Bravo, Charlie, Delta, and Echo) in the fictional country of Evergreen. You have been given two sets of data for the time period from January to June – one set of data containing information on all the sales and COGS split by month, by store, and by product group, and another set of data providing information about the company’s expenses split by month and by store. Some expenses can’t be attributed to a particular store, and FSI’s approach is to split these expenses proportionally to a particular month’s sales. FSI recognizes three measures of profit – Gross Profit, Direct Contribution, and Net Profit.

The downloadable file consists of the following:
-Task: Excel file with raw data for the model; PDF file with Case Materials; PDF file with Questions.
-Solution: Excel file with the full Solution Model; PDF file with correct Answers in Bold.

This model awarded 650 points, while the whole 2h Stage allowed to earn 2,000 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at


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