Marks & Spencer turns over its trade receivable at a rate of 107.35 times per year (365 days ¸ 122 times = 3.4 days average collection time). In short, the company's impressive collection performance results from its trade receivable being very low relative to its total sales. This makes sense, given that most of Marks & Spencer's revenue is in the form of cash sales or credit card sales which are quickly turned into cash.