零售和批发商的经营费用调整外文翻译.docVIP

外文 原文 THE READJUSTMENT OF RETAIL AND WHOLESALE OPERATING EXPENSES MaterialSource: harvard business review Author: CECIL E. FRASER The necessity for the readjustment of operating expenses during periodic changes of the business cycle is indicated by a study of the figures on the cost of doing business, collected in various wholesale and retail trades. Out of every dollar received from the sale of merchandise in 149 department stores scattered throughout the United States, the amount spent for operating expenses increased from 25.7 cents in 1920 to 27.7 cents in 1921, while net profits decreased from 1.7cents to 1.3 cents during the same period. Similarly in the case of 43 representative firms engaged in the wholesale grocery business, out of every dollar received the amount spent for operating expenses increased from 9.3 cents in 1919 to 12.3 cents in 1921, while a net profit of 2.2 cents in 1919 changed to a net loss of 2.3 cents in 1921. A study of the records of wholesale and retail trades shows that on a rising market the proportion of operating expenses to net sales tends to remain the same, but that on a falling market this proportion tends to increase rapidly. On a rising market gross margin and net profit increase, but on a falling market gross margin decreases and the net profit frequently changes to a loss. When prices decline after a period of prosperity, therefore, a merchant frequently finds that his operating expenses are out of line with his volume of sales, and that in addition he has large stocks on hand on which he must take a substantial loss. When the volume of sales increases during a period of prosperity, not only do selling prices rise, but also wages, rents, and other items of expense tend to do likewise. At this time a merchant frequently feels called upon to expand his sales force, to buy new equipment, and perhaps to increase the size of his store. Furthermore, he is often tempted to place larger orders than normally, not only be