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ST. ANTHONY MUNICIPAL LIQUOR STORES <br />NOTES ON YEAR END REPORT <br />YEAR TO DECEMBER 31, 1978 <br />BALANCE SHEET <br />INVENTORIES INCREASED $20,939. OVER THE 3RD QUARTER 1978, AND $16,059. OVER <br />THE 4TH QUARTER 1977. NET INCOME IS UP $63,931. OVER 1977. <br />INCOME STATEMENT <br />NET SALES FOR 1978 ARE UP $220,852. OVER 1977. COST OF GOODS SOLD IS UP <br />$125,320. GROSS PROFIT BEFORE DISCCUNTS IS UP $95,531. PROMOTIONAL DISCOUNTS <br />ARE UP $2,577. OPERATING EXPENSE IS UP $45,175. AND NET INCOME IS UP <br />$63.931. <br />STORE ONE <br />NET SALES UP $171,832. COST OF GOODS SOLD UP $88,417. GROSS PROFIT BEFORE <br />DISCOUNTS UP $83,415. DISCOUNTS UP $894. OPERATING EXPENSE UP $46,208. <br />NET INCOME UP $47,559. <br />STORE TWO <br />NET SALES UP $49,019. COST OF GOODS SOLD UP $36,903. GROSS PROFIT BEFORE <br />DISCOUNTS UP $12,116. DISCOUNTS UP $1,684. OPERATING EXPENSE DOWN $1,033. <br />NET INCOME UP $16,373. <br />ON SALE <br />COMBINED SALES UP $76,720. NET INCOME UP $36,529. <br />STORE #1 SALES UP $43,691. NET INCOME UP $18,814. <br />SPEAKEASY SALES $42,337. NET INCOME $17,006. OR 40% OF NET SALES. <br />STORE #2 SALES DOWN $9,307. NET INCOME UP $706. <br />OFF SALE <br />COMBINED SALES UP $144,132. NET INCOME UP $27,403. <br />STORE #1 SALES UP $85,805. NET INCOME UP $11,738. <br />STORE #2 SALES UP $58,327. NET INCOME UP $15,664. <br />-40- <br />