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R-935 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM STATEMENT FOR THE PRESS For immediate release December 17> 1941 DEPARTMENT STORE INVENTORIES Stocks of goods held by department stores throughout the country increased by 35 per cent in value in the year ending October 31, according to information compiled by the Federal Reserve System. Outstanding orders by department stores were also considerably larger than a year earlier, while sales by these stores showed a smaller increase, which for the three months September through November amounted to 15 per cent over the corresponding period of last year. Most of the increase in stocks occurred after the middle of this year; prior to that time department store stocks were exceptionally small in relation to one volume of sales. Outstanding orders also increased considerably during the summer but later declined somewhat. To a varying degree the increases in sales, stocks, and outstanding orders reflect price increases. On the average these have •amounted to perhaps 15 per cent over the past year, although changes have differed considerably among different classes of products. Fur niture prices, for example, have advanced by 25 per cent, and men's apparel prices by 10 per cent. According to a special survey made by the Board, of Governors and the Federal Reserve Banks, substantial increases in stocks have occurred in all departments of the stores during the past year. The largest percentage increases were reported in stocks of household appliances and of some types of women's apparel and accessories Women's coats, suits, dresses, and shoes, however, showed the smallest increases, probably owing to the importance of style changes in these lines. Department stores also held at the end of October a relatively large amount of goods in the "small wares" and"miscellaneous" groups of departments, which include many items, such as toys luggage, jewelry, and the like, that are important in the Christmas trade. For the country as a whole department store stocks at the end of October amounted to about 3-1/2 months' supply at the rate of October sales—while a year earlier stocks represented about 2-3/4 months' supply. It should be noted, however, that the October comparison is not altogether representative of the change over the year 234 -2- R-935 because October sales showed a smaller increase from the previous year than sales in other recent months. In departments where sales in October were not greatly different from those in previous months, the ratios of stocks to sales were generally about one-sixth larger than a year ago. Apparently both this year and last the relation of stocks to sales was fairly uniform in different regions of the country, although stocks in some of the Eastern sections were somewhat below the average and those in some of the Western districts somewhat above the average. The attached table shows for the principal departments of stores reporting in this special survey percentage changes in stocks and sales in October this year over the same month last year and also ratios of stocks to sales. Reports from 340 stores are included in the total, compared with a sample of from 240 to 250 stores that report departmental sales figures monthly. For purposes of comparison figures on sales by 244 stores in the period January-September 1941 are also shown. Although based on a different sample, these figures are roughly comparable with the others in the table; in October the two different samples showed closely similar results. R-935 3 *" DEPARTMENT STORE STOCKS AND SALES* BY MAJOR DEPARTMENTS 225 Jan.-Sept. Ratio of % change stocks to in sales sales 1940-1941 (month's supply) 21+4 stores 1940 1941 +17 2.7 3.4 October Number of stores % change I940-I9I+I Stocks GRAND TOTAL—entire store 34o +35 Sales +10 MA.IN STORE—total l/ 340 +31+ +10 2.9 3.5 +18 * +32 +5 2.3 2.9 +16 314 316 300 +20 +15 +33 +27 +1+7 .+51 +1+1 +15 +17 -5 +6 +20 +11 +12 +17 +19 +11 -59 14+ 1.2 1.9 1.9 2.0 3.8 2.6 4.2 2.8 1.7 1.3 2.1 2.2 2.7 4.8 3.0 4.4 7.9 +27 +11 +19 +19 +14 +15 +16 +12 +45 +29 +17 4.2 4.7 +i4 +19 +38 +30 +21+ +16 +18 +15 +15 3.9 4.6 3.6 6.1 4.1 5.3 4.1 6,6 +16 +11 +14 +36 +18 3.3 3.8 +24 +34 +28 +27 +85 +36 +21 +19 +11+ +3 +22 3.0 3.3 3.0 2.1 3.8 3.3 3.6 3.4 3.8 4.2 +25 +26 +15 +4o +24 +15 +22 3.6 4.0 3,8 4.3 +7 125 +23 +32 * +1+5 +13 2.0 2.6 +14 +52 +1+5 +48 +32 +27 +10 +ll+ +23 +21 +10 1.5 2,7 2.2 2.8 3.1 2.1 3.4 2.7 3.1 3.6 +14 +10 +20 +9 +8 Women*s apparel and accessories Coats & suits Dresses Blouses,skirts,sportswear,etc * Juniors! and girls1 wear Aprons,housedresses,uniforms Underwear,slips,negligees Infants' wear Women's and children's shoes Furs Menf s and boys * wear Men's Men's Boys' Men's clothing furnishings,hats,caps clothing & furnishings & boys' shoes & slippers Housefurnishings Furn.,beds,mattresses,springs Domestic floor coverings Draperies,curtains,upholstery Major household appliances Domestics,blankets,linens,etc. Piece goods Cotton wash goods BASEMENT STORE—total 2/ * 261+ * 281+ 230 21+1 * 219 289 264 ll+l * 225 21+7 281 200 * * * Women's apparel & accessories Men's & boys' clothing & furnishings 160 * Ho us efurnishings Piece goods 69 Shoes 111+ * * •Not available. Number of stores included in each group total is somewhat greater than the largest number shown for any subgroup, l/Group totals for main store include sales in departments not shown separately. 2/Group totals for basement are not strictly comparable with those shown for main ~~' store owing chiefly to inclusion in basement of fewer departments and somewhat types of merchandise. different
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