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NOTES ON QUARTERLY REPORT <br />FOURTH QUARTER ENDED DECEMBER 31, 1971 <br />BALANCE SHEET <br />INVENTORIES INCREASED $8,129. OVER THE END OF THE PREVIOUS QUARTER, AND <br />$47,651. OVER DECEMBER 31, 1971. <br />INCOME STATEMENT <br />TOTAL SALES INCREASED $3,520. FROM 1970 AND NET INCOME DECREASED $12,991. <br />PROMOTIONAL DISCOUNTS INCREASED $24,557• DUE TO A $142,258. INCREASE IN <br />PURCHASES, BUT OPERATING EXPENSE INCREASED $15,634. LEAVING A DECREASE IN <br />OPERATIONAL PROFITS OF $15,347. NET NON-OPERATING INCOME INCREASED $2,356. <br />DUE TO CASH DISCOUNTS FROM INCREASED PURCHASING. <br />STORE ONE <br />NET SALES DOWN $57,489. COST OF GOODS SOLD DOWN $34,749. PROMOTIONAL <br />DISCOUNTS UP $10,086. NET INCOME DOWN $17,021. <br />STORE TWO <br />NET SALES UP $61,009. COST OF GOODS SOLD UP $62,540. PROMOTIONAL DIS- <br />COUNTS UP $14,472. NET INCOME UP $4,029. <br />ON SALE <br />COMBINED SALES DOWN $29,457. INCOME DOWN $32,633. <br />STORE #1 SALES DOWN $34,932. INCOME DOWN $30,965. <br />STORE #2 SALES UP $5,475. INCOME DOWN $1,669. <br />OFF SALE <br />COMBINED SALES UP $32,977. INCOME UP $19,642. <br />STORE #1 SALES DOWN $22,557. INCOME UP $13,944. <br />STORE #2 SALES UP $55,534. INCOME UP $5,698. <br />FOURTH QUARTER ONLY <br />ON SALE <br />STORE #1 NET SALES $75,082. NET INCOME $12,338. <br />STORE #2 NET SALES $56,777. NET INCOME $13,015. <br />OFF SALE <br />STORE #1 NET SALES 210,728. NET INCOME $14,963. <br />STORE #2 NET SALES 220,055. NET INCOME $30,624. <br />