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Show Safeway President Hakes Report On 1953 Business Lingan A. Warren, president of Safeway Stores, Incorporated, in his annual report for 1953 points out to stockholders that during 1953 the country returned return-ed to normal competitve conditions condi-tions for business generally after af-ter more than ten years of hardship under price and wage controls, material allocations and merchandise shortages. "For Safeway this return to normal operations was accompanied accom-panied by a new sales record and by a substantial improvement improve-ment over 1952 earnings," said Warren.. Warren's message to stockholders stock-holders also emphasized the high load carried by business. "Few people realize the tremendous tre-mendous tax burden that has been assumed by business. In 1953 Safeway contributed $6,-700,619 $6,-700,619 in the form of city, county, school and local district taxes on real and personal property pro-perty toward the cost of local government. In addition Safeway Safe-way paid $21,231,592 in income, sales, excise, franchise and Social So-cial Security taxes to the state and federal governments. The aggregate amount of these taxes $27,932,211 exceeds net earnings available for common stock dividends in 1953 by $15,-301,897." The report showed total ag-s gregate net sales of Safeway and all subsidiaries during 1953 of $1,751,819,708, the greatest in the company's history. This was an increase of $112,724,-496 $112,724,-496 or 6.88 over the previous record set in 1952. Sales for 1953 for the company and its consolidated subsidiaries in the United States were $1,602,178,-467, $1,602,178,-467, an increase of $103,284,-151 $103,284,-151 over net sales in 1952. Net sales of the company's Canadian Canad-ian subsidiaries (in Canadian dollars) were $149,641,241 in 1953 as compared to $140,200,-996 $140,200,-996 in 1952. Net profits before provision for taxes were $29,620,074 in 1953 as compared with $17,094,-348 $17,094,-348 in 1952. After allowing for a refund of $470,122 of- excess profits taxes paid in prior years and after providing for U. S. federal normal income tax and surtax of $12,026,000 and Canadian Can-adian taxes on income of $3,-185,000 $3,-185,000 the net profit after taxes tax-es was $14,544,723 for 1953 as compared with $7,331,943 for 1952. During the year 196 retail locations were modernized by installing such improvements as modern store fronts, fluorescent light, self-service meat 7" I refrigerated produce Lti V food cases, new center shelving, checkstandl 'H conditioning. TherA 311(1 t', ditional maSjorhr n jects in progress at thl g the year. ine ftid ,f Warren stated that 1 phasis will hereafter kTSS on the remodeling of plscsj retail locations since part of the non-remnrt!i kt;: cations will ultimately '-placed '-placed by new locations h The company's rr,r,..t f program calls for the 1'' r annually of approximaR new retail locations and L ' construction of warehouse - t, plant facilities where r ! r to handle the increase sal'- umes. These properties w, ,"" sold and leased back undP, y company's "buy build lease" arrangement. M |