ADVANCE DATA ON LARGE RETAILERS' PROFITS FOR THE FIRST QUARTER 1994

After-tax profits for retail corporations with assets of $50 million and 
over averaged 1.4 cents per dollar of sales for the first quarter of 1994, 
down 0.3 cents from the preceding quarter and up 0.6 cents from the same 
quarter in 1993, according to advance data from the Commerce Department's 
Bureau of the Census.

For the first quarter of 1994, these large retail corporations reported
after-tax profits of $2.8 billion, down $1.0 billion from the preceding
quarter and up $1.3 billion from the same quarter a year ago.  The annual 
rate of after-tax return on stockholders' equity was 8.7 percent, compared 
to 12.4 percent in the fourth quarter of 1993 and 5.3 percent in the first
quarter of 1993.

First quarter 1994 sales were $193.3 billion, down $30.8 billion or
13.7 percent from last quarter.  First quarter sales on a year-to-year 
basis were up $13.5 billion or 7.5 percent. 

These data are based on quarterly financial reports obtained from 
699 corporations.  The figures in this release are not seasonally 
adjusted.  More detailed information on the retail trade sector for 
the first quarter will be published in the Quarterly Financial Report 
for Manufacturing, Mining, and Trade Corporations--Second Quarter 1994.
Second quarter 1994 advance data are scheduled for release on
September 12, 1994.

Schedule of Advance Data Release Dates--1994

Quarter    Manufacturing, Mining, and Wholesale Trade  Retail Trade

Second                    September 12, 1994           October 12, 1994
Third                     December 13, 1994 

Questions concerning this advance data report should be directed to 
Ronald Lee (301) 763-4270 or Frank Hartman (301) 763-4274.

TABLE 1.  INCOME STATEMENT FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF 
$50 MILLION AND OVER

                                                     1Q       4Q       1Q
                                                   1994     1993(1)  1993(1)
                                                      (million dollars)

Net sales, receipts, and operating revenues.... 193,345  224,135  179,804
Less: Depreciation, depletion, and amortization   4,078    4,191    3,902
Less: All other operating costs and expenses... 181,550  207,127  170,117
                                                
  Income (or loss) from operations.............   7,718   12,818    5,785

Net nonoperating income (expense).............. (2,954)  (5,839)  (2,969)

  Income (or loss) before income taxes.........   4,764    6,979    2,815

Less: Provision for current and deferred         
  domestic income taxes........................   2,003    3,197    1,305
                                                 
  Income (or loss) after income taxes..........   2,761    3,782    1,511
                                                 
Cash dividends charged to retained earnings       1,368    1,160    1,326
  in current quarter...........................  
                                                 
  Net income retained in business..............   1,393    2,622      185
                                                 
Retained earnings at beginning of quarter......  77,479   73,772   69,120
Other direct credits (or charges) to             
  retained earnings (net)......................     527      604    (605)
                                                 
Retained earnings at end of quarter............  79,400   76,998   68,700

(1) Revised. 
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TABLE 2.  INCOME STATEMENT IN RATIO FORMAT FOR RETAIL TRADE CORPORATIONS 
WITH ASSETS OF $50 MILLION AND OVER

                                                     1Q      4Q       1Q
                                                   1994    1993(1)  1993(1)
                                                          (cents)

Net sales, receipts, and operating revenues....   100.0   100.0    100.0
Less: Depreciation, depletion, and amortization     2.1     1.9      2.2
Less: All other operating costs and expenses...    93.9    92.4     94.6
                                                   
  Income (or loss) from operations.............     4.0     5.7      3.2
                                                  
Net nonoperating income (expense)..............   (1.5)   (2.6)    (1.7)
                                                  
  Income (or loss) before income taxes.........     2.5     3.1      1.6
                                                  
Less: Provision for current and deferred            
  domestic income taxes........................     1.0     1.4      0.7
                                                    
  Income (or loss) after income taxes..........     1.4     1.7      0.8
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TABLE 3.  OPERATING RATIOS FOR RETAIL TRADE CORPORATIONS WITH ASSETS OF 
$50 MILLION AND OVER

                                                     1Q      4Q       1Q
                                                   1994    1993(1)  1993(1)
                                                          (percent)

Annual rate of profit on stockholders' equity
  at end of period:
    Before income taxes.........................  15.07   22.41     9.84
    After income taxes..........................   8.74   12.41     5.28

Annual rate of profit on total assets:
    Before income taxes.........................   4.71    6.97     2.90
    After income taxes..........................   2.73    3.78     1.55

(1) Revised.

Questions concerning this advance report should be directed to 
Ronald Lee (301) 763-4270 or Frank Hartman (301) 763-4274.