[U.S. Department of Commerce Seal]

UNITED STATES BUREAU OF THE CENSUS

Economic and Statistics Administration, U.S. Department of Commerce


THIRD QUARTER 2003 ADVANCE DATA FROM THE QUARTERLY FINANCIAL REPORT
LARGE U.S. RETAIL TRADE CORPORATIONS

--Released 10 a.m. (EST), Tuesday, January 13, 2004 (CB04-06)
Contact: Yolando St.George (301) 763-6600 or James Mercury (301) 763-3386.

e-mail: csd.qfr@census.gov

Availability     Order & Release     QFR Program    

CHART 1:
[CHART 1: Large Retailers' After-Tax Profits.]
CHART 2: Retail Profits Per Dollar of Sales

Unadjusted After-Tax Profits and Sales

Retail Corporations with Assets $50 Million and Over

For the third quarter of 2003, large retail corporations with assets of $50 million and over reported after-tax profits of $9.4 billion, up $1.0 (±0.1) billion from the preceding quarter, and up $1.6 (±0.1) billion from the same quarter a year ago, the Commerce Department`s Census Bureau reported. Sales in the third quarter 2003, at $379.3 billion, were up $13.7 (±1.8) billion or 3.7 percent (±0.5%) from last quarter, and up $31.1 (±1.8) billion or 8.9 percent (±0.5%) from the third quarter of 2002. These data are not adjusted for seasonality.

After-tax profits for these corporations averaged 2.5 cents per dollar of sales for the third quarter of 2003, up from the 2.3 cents of the preceding quarter, and the 2.3 cents recorded in the third quarter of 2002.

The annual rate of after-tax profit on stockholders` equity was 13.2 percent, up from the 12.2 percent of the second quarter of 2003, and the 11.9 percent of the third quarter of 2002.

NOTE
These data are based on quarterly financial reports obtained from approximately 500 corporations. More detailed information on the retail trade sector for the third quarter will be published in the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations - Fourth Quarter 2003, scheduled for release on April 5, 2004.

SAMPLING
The data presented in this report are estimated from a sample survey and therefore are subject to sampling variability as well as non-sampling variability such as response error, non- reporting, and coverage errors. Estimates of sampling variability are presented in the publication. A statement such as "up 2.5 (±0.1) cents", appearing in the text, indicates the range (+2.4 to +2.6 cents) in which the actual change is likely to have occurred. The range given for the change is a 90 percent confidence interval that accounts only for sampling variability. If the range had contained zero (0), it would have been uncertain whether there was an increase or decrease; that is, the change would not have been statistically significant. For any comparison cited without a confidence interval, the change is statistically significant. The quarterly publication includes more detailed explanations of confidence intervals and sampling variability, along with additional measures of sampling variability.

DATA AVAILABILITY
This press release can be viewed today in page image format (.pdf) at our internet website (http://www.census.gov/csd/qfr/).

TABLE 1
Income Statement For U.S. Retail Trade Corporations - Assets $50 Million And Over
 
						     3Q      2Q       3Q

                  Item                             2003    2003(1)  2002(1)

                                                      (million dollars)



Net sales, receipts, and operating revenues.... 379,270  365,575  348,218

Less: Depreciation, depletion, and amortization   7,409    7,261    6,890

Less: All other operating costs and expenses... 355,593  341,586  326,874

                                                

  Income (or loss) from operations.............  16,269   16,729   14,454



Interest Expense ..............................   3,276    3,370    3,469

All other nonoperating income (expense)........   1,404      239    1,788 



  Income (or loss) before income taxes.........  14,397   13,597   12,773



Less: Provision for current and deferred         

  domestic income taxes........................   4,947    5,157    4,923

                                                 

  Income (or loss) after income taxes..........   9,449    8,440    7,851

                                                 

Cash dividends charged to retained earnings                              

  in current quarter...........................   2,332    1,820    1,005

                                                 

  Net income retained in business..............   7,117    6,620    6,846

                                                 

Retained earnings at beginning of quarter...... 193,185  191,410  173,548

Other direct credits (or charges) to             

  retained earnings (net)......................   (993)  (3,875)   (1,601)

                                                            

Retained earnings at end of quarter............ 199,308  194,155  178,792
(1) Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, January 2004. U.S. Census Bureau, January 2004.

TABLE 2
Income Statement Ratios For U.S. Retail Trade Corporations - Assets $50 Million And Over
 


                                                      3Q     2Q       3Q

                  Item                             2003   2003(1)  2002(1)

                                                          (cents)



Net sales, receipts, and operating revenues....   100.0   100.0    100.0

Less: Depreciation, depletion, and amortization     2.0     2.0      2.0

Less: All other operating costs and expenses...    93.8    93.4     93.9

                                                   

  Income (or loss) from operations.............     4.3     4.6      4.2



Interest Expense ..............................     0.9     0.9      1.0                         

All other nonoperating income (expense)........     0.4     0.1      0.5 

                                                  

  Income (or loss) before income taxes.........     3.8     3.7      3.7

                                                  

Less: Provision for current and deferred            

  domestic income taxes........................     1.3     1.4      1.4 

                                                    

  Income (or loss) after income taxes..........     2.5     2.3      2.3
(1) Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, January 2004. U.S. Census Bureau, January 2004.

TABLE 3
Operating Ratios For U.S. Retail Trade Corporations - Assets $50 Million And Over
 


                                                  

                                                     3Q      2Q       3Q

                  Item                             2003    2003(1)  2002(1)

                                                          (percent)



Annual rate of profit on stockholders` equity

  at end of period:

    Before income taxes.........................  20.04   19.60    19.40

    After income taxes..........................  13.15   12.17    11.92

                                                            

Annual rate of profit on total assets:                                  

    Before income taxes.........................   7.72    7.64     7.30

    After income taxes..........................   5.06    4.74     4.49
(1) Revised.

SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-3, January 2004. U.S. Census Bureau, January 2004.

Schedule of Advance Data Release Dates--2004
[Economic Indicator Release Schedule]



Quarter      Manufacturing, Mining, and Wholesale Trade           Retail Trade



Fourth	2003		April      5, 2004			April    5, 2004



First	2004		June      14, 2004			July    14, 2004

Second	2004		September 13, 2004			October 13, 2004

Third	2004		December  13, 2004			January 12, 2005

Data in this release are presented on the North American Industry Classification System (NAICS).
See the 1997 NAICS manual, or visit the NAICS Web site at http://www.census.gov/naics.

Questions concerning this advance report should be directed to: Yolando St.George (301) 763-6600 or James Mercury (301) 763-3386.

Economic Indicators Back to Census
Back to Quarterly Financial Report

Source: U.S. Census Bureau, Company Statistics Division
Maintained by Traci Gillespie-Brown
Revised. Monday, 01-Mar-2004 09:07:06 EST

Economic Indicators   Overview   Images   Feedback   Quarterly Financial Report