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Show J. C. PENNEY PRES. REPORTS INCREASED AMOUNT OF BUSINESS Net earnings of the J. C. Penney Company after all charges and taxes and after deductions for preferred stock dividends, for the year ending December. 31, 1931 totaled $7,718,-599.38. $7,718,-599.38. This was equivalent to $3.13 a share on the 2,468,861 outstanding shares of common stock, after allowing allow-ing $1,194,966.00 for preferred stock dividends. This compares with a net of $7,-096,892.16 $7,-096,892.16 'for 1930, equivalent to $2.88 per share on 2,466,908 shares of common stock outstanding at that time. Total sales for the year 1931 were $173,705,094.52 as compared with the total sales in 1930 for $192,943,765.42 a loss for the year of $19,238,670.90 or 9.97 per cent. The total number of stores in operation op-eration at the start of 1931 was 1452 while the number in operation at the close of the year was 1459. Commenting on the figures for 1931, Earl C. Sams, president, said, "The past year has seen even more drastic reductions in commodity prices pric-es than those marked 1930. These reductions have been reflected in retail re-tail prices which, in many items, are down to levels not hitherto reached since 1911. ( "To compare sales volume interms of dollars and cents, with those of corresponding periods of last year is to get an erroneous impression as to what actually is happening in sales. "A study of sales, by items of merchandise, mer-chandise, shows that there is an increasing in-creasing amount of business being done, at the new retail prices. "This increase on unit volume purchases pur-chases cannot fail to have its effect on manufacturing and 5ndustry in general. "Average inventory, per store reveals re-veals a liquid condition in our merchandise mer-chandise stock, a desirable position I in a market characterized by rapid ! changes in commodity prices. i : |