Tommy Hilfiger Corp., the fashion apparel company, had the following current assets and current liabilities at the end of two recent years:

a. Determine the (1) current ratio and (2) quick ratio for both years. Round to two decimal places. Treat the deferred tax and other current assets as non-quick assets.
b. What conclusions can you draw from thesedata?

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March 31, 2004 in millions) $414.5 27.5 188.5 206.3 92.8 March 31, 2003 (in millions) $420.8 Cash and cash equivalents Temporary investmen Accounts receivable Inventories Deferred tax and other current assets Short-term borrowings Current portion of long-term debt Accounts payable Accrued expenses and other current liabilities ts 185.0 229.7 80 0.7 32.7 207.2 19.4 151.9 47.8 185.9