CHAIN STORE RESULTS SUBJECT OF RESEARCH

In its Bureau of Business Research, the Business School is extending the study of operating margins, expenses and profits of variety chain stores so as to include the year 1933, it was announced yesterday. The study was made similarly for the fiscal years of 1929, 1931 and 1932, while the same plan is contemplated for this year as soon as the fiscal reports are released.

Averages made available by these studies are of the most value to the trade if they are issued before operating conditions have changed materially. The research program calls for the issuing of final averages for 1933 in the late fall of 1934, provided a sufficient number of reports is collected by October 1.

In the past month many firms, operating in total more than 3,000 stares, have submitted their figures for the study. From the standpoint of the number of stores operated, therefore, the reports thus cover more than half the chain variety field.

In 1932, when business apparently reached, the lowest levels of the current depression, the chains, as well as the independent retailers, found it very difficult to operate at a profit. Although variety and grocery chains succeeded in making fair earnings before charging interest on owned capital, department store chains and department store ownership groups typically incurred substantial