![[CHART 1: Large Retailers' After-Tax Profits.]](/csd/qfr/images/qfr031rd.jpg)
CHART 2: Retail Profits Per Dollar of Sales
![[Commerce Seal]](/pub/indicator/www/img/seal.gif)
--Released 10 a.m. (EDT), Tuesday, July 15, 2003 (CB03-110)
Note: For order information, see the end of this report.
For the first quarter of 2003, large retail corporations with assets of $50 million and over reported after-tax profits of $8.5 billion, down $4.3 (±0.2) billion from the preceding quarter, but up $1.3 (±0.2) billion from the same quarter a year ago, the Commerce Department`s Census Bureau reported. Sales in the first quarter 2003, at $350.8 billion, were down $34.5 (±1.2) billion or 9.0 percent (±0.3%) from last quarter, but rose $14.4 (±1.7) billion or 4.3 percent (±0.5%) from the first quarter of 2002. These data are not adjusted for seasonality.
After-tax profits for these corporations averaged 2.4 cents per dollar of sales for the first quarter of 2003, down 0.9 (±0.1) cent from the preceding quarter, but up 0.3 (±0.1) cent from the first quarter of 2002.
The annual rate of after-tax profit on stockholders` equity fell to 12.3 percent, down from the 18.9 percent of the fourth quarter of 2002, but up from the 11.3 percent of the first quarter of 2002.
These data are based on quarterly financial reports obtained from 490 corporations. More detailed information on the retail trade sector for the first quarter will be published in the Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations–Second Quarter 2003, scheduled for release on September 12, 2003.
EXPLANATORY NOTES
This quarter`s publication contains data revised due to the
reclassification of corporations by industry, and revisions that
reflect respondents` corrections of data submitted 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 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.
AVAILABILITY:
This press release is available on the day of issue on the Department of Commerce`s Internet site at (http://www.census.gov/csd/qfr/).
1Q 4Q 1Q
Item 2003 2002(1) 2002(1)
(million dollars)
Net sales, receipts, and operating revenues.... 350,831 385,330 336,407
Less: Depreciation, depletion, and amortization 7,077 7,158 6,713
Less: All other operating costs and expenses... 328,612 356,243 313,968
Income (or loss) from operations............. 15,142 21,929 15,726
Interest Expense .............................. 3,370 3,413 3,398
All other nonoperating income (expense)........ 1,537 1,814 (244)
Income (or loss) before income taxes......... 13,309 20,330 12,085
Less: Provision for current and deferred
domestic income taxes........................ 4,851 7,584 4,884
Income (or loss) after income taxes.......... 8,458 12,746 7,200
Cash dividends charged to retained earnings
in current quarter........................... 1,525 2,115 1,498
Net income retained in business.............. 6,934 10,632 5,702
Retained earnings at beginning of quarter...... 188,626 180,533 166,583
Other direct credits (or charges) to
retained earnings (net)...................... (4,122) (3,353) (3,121)
Retained earnings at end of quarter............ 191,438 187,811 169,164
(1) Revised.
1Q 4Q 1Q
Item 2003 2002(1) 2002(1)
(cents)
Net sales, receipts, and operating revenues.... 100.0 100.0 100.0
Less: Depreciation, depletion, and amortization 2.0 1.9 2.0
Less: All other operating costs and expenses... 93.7 92.5 93.3
Income (or loss) from operations............. 4.3 5.7 4.7
Interest Expense .............................. 1.0 0.9 1.0
All other nonoperating income (expense)........ 0.4 0.5 (0.1)
Income (or loss) before income taxes......... 3.8 5.3 3.6
Less: Provision for current and deferred
domestic income taxes........................ 1.4 2.0 1.5
Income (or loss) after income taxes.......... 2.4 3.3 2.1
(1) Revised.
1Q 4Q 1Q
Item 2003 2002(1) 2002(1)
(percent)
Annual rate of profit on stockholders` equity
at end of period:
Before income taxes......................... 19.42 30.10 19.04
After income taxes.......................... 12.34 18.87 11.34
Annual rate of profit on total assets:
Before income taxes......................... 7.48 11.57 7.30
After income taxes.......................... 4.75 7.25 4.35
(1) Revised.
SOURCE: Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations--QFR-03-1, July 2003. U.S. Census Bureau, July 2003.
The publication becomes available for sale approximately two weeks from the
date of this release from the Superintendent of Documents, P.O. Box 371954,
Pittsburgh, PA 15250-7954 (202-512-1800). The annual subscription rate is $39,
(foreign customers, $48.75 on an international money order or by draft on a
U.S. bank).
Schedule of Advance Data Release Dates--2003
Data in this release are presented on the North American Industry Classification System (NAICS).
Questions concerning this advance report should be directed to
Contact:
Yolando St.George (301) 763-6600 or
Frank Hartman (301) 763-3386.
[Economic Indicator Release Schedule]
Quarter Manufacturing, Mining, and Wholesale Trade Retail Trade
Second 2003 September 12, 2003 October 15, 2003
Third 2003 December 12, 2003 January 13, 2004
See the 1997 NAICS manual, or visit the NAICS Web site at http://www.census.gov/naics.
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