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For the second quarter of 1997, these large retail corporations reported after-tax profits of $4.1 billion, up $0.5 (+/-0.2) billion from the preceding quarter, and up $0.2 (+/-0.2) billion from the same quarter a year ago. The annual rate of after-tax return on stockholders` equity was 9.6 percent, compared to 8.6 percent in the first quarter of 1997 and 10.0 percent in the second quarter of 1996.
Second quarter 1997 sales were $248.0 billion, up $10.0 billion or 4.2 (+/-1.7) percent from last quarter. Second quarter sales compared to the same quarter a year ago were up $12.8 billion or 5.4 (+/-1.7) percent.
These data are based on quarterly financial reports obtained from 545 corporations. The figures in this release are not seasonally adjusted. More detailed information on the retail trade sector for the second quarter will be published in the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--Third Quarter 1997 which is scheduled for release on December l5, 1997.
EXPLANATORY NOTES:
This quarter`s publication contains data revised due to the reclassification of corporations by industry, and revisions that reflect respondents` corrections of submitted data subsequent to original publication.
The data presented in this report are estimated from a sample survey and therefore are subject to sampling variability as well as nonsampling variability such as response error, nonreporting, 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.
This report is available on the day of issue on the Internet, under "Products", at <http://www.census.gov/csd/www/qfr.html>.
2Q 1Q 2Q
Item 1997 1997(1) 1996(1)
(million dollars)
Net sales, receipts, and operating revenues.... 248,048 238,001 235,246
Less: Depreciation, depletion, and amortization 5,199 5,085 4,866
Less: All other operating costs and expenses... 232,787 224,373 221,453
Income (or loss) from operations............. 10,062 8,542 8,927
Net nonoperating income (expense).............. (3,244) (2,383) (2,389)
Income (or loss) before income taxes......... 6,818 6,159 6,539
Less: Provision for current and deferred
domestic income taxes........................ 2,729 2,536 2,623
Income (or loss) after income taxes.......... 4,089 3,623 3,916
Cash dividends charged to retained earnings 1,398 1,482 1,207
in current quarter...........................
Net income retained in business.............. 2,691 2,140 2,709
Retained earnings at beginning of quarter...... 109,460 108,444 99,179
Other direct credits (or charges) to
retained earnings (net)...................... (1,009) (1,434) (912)
Retained earnings at end of quarter............ 111,143 109,150 100,976
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-97-3.
2Q 1Q 2Q
Item 1997 1997(1) 1996(1)
(cents)
Net sales, receipts, and operating revenues.... 100.0 100.0 100.0
Less: Depreciation, depletion, and amortization 2.1 2.1 2.1
Less: All other operating costs and expenses... 93.8 94.3 94.1
Income (or loss) from operations............. 4.1 3.6 3.8
Net nonoperating income (expense).............. (1.3) (1.0) (1.0)
Income (or loss) before income taxes......... 2.7 2.6 2.8
Less: Provision for current and deferred
domestic income taxes........................ 1.1 1.1 1.1
Income (or loss) after income taxes.......... 1.6 1.5 1.7
(1) Revised.
2Q 1Q 2Q
Item 1997 1997(1) 1996(1)
(percent)
Annual rate of profit on stockholders` equity
at end of period:
Before income taxes......................... 15.92 14.66 16.68
After income taxes.......................... 9.55 8.62 9.99
Annual rate of profit on total assets:
Before income taxes......................... 5.56 5.04 5.67
After income taxes.......................... 3.33 2.97 3.40
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-97-3.
Electronic files are also available on 3.5 inch flexible diskettes from Customer Services (diskettes), Administrative and Customer Services Division, Bureau of the Census, Washington, D.C. 20233 (301) 763-INFO(4636). The annual subscription cost is $84; $66 for the first diskette and $6 for each additional diskette. This report is also available on the day of issue through the Department of Commerce`s on-line Economic Bulletin Board (N-8-1) (202-482-1986).
Questions concerning this advance report should be directed to Ronald Lee on (301) 763-5435 or Frank Hartman (301) 763-7182.