An analyst is interested in assessing both the efficiency and liquidity of Spherion PLC. The analyst has collected the following data for Spherion:

FY3

FY2

FYI

Days of inventory on hand

32

34

40

Days sales outstanding

28

25

23

Number of days of payables

40

35

35

Based on this data, what is the analyst least likely to conclude?

A. Inventory management has contributed to improved liquidity.

B. Management of payables has contributed to improved liquidity.

C. Management of receivables has contributed to improved liquidity.