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Two excellent examples are home improvement juggernaut The Home Depot (NYSE: HD) and resale goods franchisor Winmark (NASDAQ: WINA). With annualized total returns of 22% and 25%, respectively, over the last 15 years, these two compounders have stock charts that border on art. But the shareholderreturns don't stop here.
Finally, Q2 industrial resale of $234 million declined 10% year on year. And for fiscal '24, we now expect industrial resale to be down double-digit percentage year on year, compared to our prior guidance for high single-digit decline. So, that's the return on investment that attracts and keeps us going at this game.
We manage both our land and our production inventories to drive cash flow and returns on investment. We focus our asset-light model in order to drive balance sheet efficiency and drive return on investment. There is a constant drumbeat at Lennar to be laser-focused on returns on invested capital and cash flow.
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