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In our media businesses； such as the Buffalo News； we sell advertising。 In other businesses； such as See's； we are buyers。 When we buy； we practice exactly what we preach when we sell。 At See's； we more than tripled our expenditures on newspaper advertising last year； to the highest percentage of sales that I can remember。 The payoff was terrific； and we thank both Hal Riney and the power of well…directed newspaper advertising for this result。
在我们的媒体事业，像是水牛城报纸，我们贩售广告，在其它的事业，像是喜斯糖果，我们是广告客户，反而变成买主，然而当我们买广告时，我们做事的方式跟我们当初在卖广告的诉求是一致的，去年喜斯糖果在报纸广告上的花费增加了有三倍之多，是我印象之中占营业额的最高比例，不过所得到的回报却更是惊人，对于能有这样的成绩，我们相当感谢Hal Riney与报纸的宣传效果。
See's splendid performances have bee routine。 But there is nothing routine about the management of Chuck Huggins： His daily involvement with all aspects of production and sales imparts a quality…and…service message to the thousands of employees we need to produce and distribute over 27 million pounds of candy annually。 In a pany with 225 shops and a massive mail order and phone business； it is no small trick to run things so that virtually every customer leaves happy。 Chuck makes it look easy。
喜斯杰出的表现好象变得很自然，但Chuck Huggins的管理却绝对不是侥幸，每天他都全心全意专注于生产与销售各个环节，将品质与服务的观念传达给公司上上下下几千位员工，每年销售超过2；700万磅的糖果，在一家拥有225家店面，再加上一个邮购与电话中心，要让每个客户都能够满心欢喜的离去，实在不是一件简单的事，不过这差事到了Chuck的手上，总是让人感觉轻松自在。
o The Nebraska Furniture Mart had record sales and excellent earnings in 1989； but there was one sad note。 Mrs。 B … Rose Blumkin； who started the pany 52 years ago with 500 … quit in May； after disagreeing with other members of the Blumkin family/management about the remodeling and operation of the carpet department。
内布拉斯加家具店的业绩与盈余在1989年又创新高，但是这伴随着一项坏消息，52年前以500美元创立这家店的B太太，由于与家族其它成员在内部改装与地毯部门的营运上意见不合，在五月决定离职。
Mrs。 B probably has made more smart business decisions than any living American； but in this particular case I believe the other members of the family were entirely correct： Over the past three years； while the store's other departments increased sales by 24％； carpet sales declined by 17％ （but not because of any lack of sales ability by Mrs。 B； who has always personally sold far more merchandise than any other salesperson in the store）。
B太太可能是现存美国人中最聪明的生意人，但在这件事上我却必须站在家族其他成员的这一边，过去三年来，当店内其它部门营收平均成长24％之时，地毯销售却减少17％，（这并不是代表B太太的销售技巧退步，因为她个人卖的商品绝对比店内其它营业员要多的多）。
You will be pleased to know that Mrs。 B continues to make Horatio Alger's heroes look like victims of tired blood。 At age 96 she has started a new business selling … what else？ … carpet and furniture。 And as always； she works seven days a week。
大家应该很高兴B太太让Horatio Alger笔下的英雄看起来像是浴血奋战后的失败者，以96岁的高龄，她却执意再另创新事业，而且还是一样，卖家具跟地毯，同样地，每个礼拜工作七天。
At the Mart Louie； Ron； and Irv Blumkin continue to propel what is by far the largest and most successful home furnishings store in the country。 They are outstanding merchants； outstanding managers； and a joy to be associated with。 One reading on their acumen： In the fourth quarter of 1989； the carpet department registered a 75。3％ consumer share in the Omaha market； up from 67。7％ a year earlier and over six times that of its nearest petitor。
在原来的家具店，B太太的子孙们还是继续支撑这家全美最大也最成功的家具事业，他们实在是相当优秀的生意人，管理者，跟他们一起相处实在是很愉快的一件事。有一件事可以显示他们的聪明才智，在1989年第四季，地毯部门在奥玛哈地区的市场占有率从前一年度的67。7％增加到75。3％，相当于第二名竞争者的六倍。
NFM and Borsheim's follow precisely the same formula for success： （1） unparalleled depth and breadth of merchandise at one location； （2） the lowest operating costs in the business； （3） the shrewdest of buying； made possible in part by the huge volumes purchased； （4） gross margins； and therefore prices； far below petitors'； and （5） friendly personalized service with family members on hand at all times。
NFM与波仙遵循的是相同的成功模式（1）商品种类齐全、应有尽有（2）营运成本极低（3）大量采购进货成本低（4）毛利高但售价因销量压低（5）亲切的服务与家族式的管理。
Another plug for newspapers： NFM increased its linage in the local paper by over 20％ in 1989 … off a record 1988 … and remains the paper's largest ROP advertiser by far。 （ROP advertising is the kind printed in the paper； as opposed to that in preprinted inserts。） To my knowledge； Omaha is the only city in which a home furnishings store is the advertising leader。 Many retailers cut space purchases in 1989； our experience at See's and NFM would indicate they made a major mistake。
另外提供一则新闻插播，NFM在1989年增加20％的报纸广告量，依旧是当地报纸的最大广告客户，（ROP是指印在报纸上的广告，与事先印好的夹报有别），就我所知，奥玛哈是唯一一个以家具业者为最大报纸广告客户的地区，许多客户在1989年都大砍广告量，但是就我们在喜斯糖果与NFM的经验来说，这实在是个天大的错误。
The Buffalo News continued to star in 1989 in three important ways： First； among major metropolitan papers； both daily and Sunday； the News is number one in household penetration … the percentage of local households that purchase it each day。 Second； in 〃news hole〃 … the portion of the paper devoted to news … the paper stood at 50。1％ in 1989 vs。 49。5％ in 1988； a level again making it more news…rich than any parable American paper。 Third； in a year that saw profits slip at many major papers； the News set its seventh consecutive profit record。
水牛城日报在1989年有三点特别值得一提，首先在所有主要的都会报纸中（不管是平时或是假日），水牛城的家庭渗透率是最高的（即当地家庭每天订购报纸的户数），第二是新闻比率（报纸所有版面中，新闻所占的比率），相较于1988年的49。5％，1989年则是50。1％，这比率代表水牛城报纸的新闻内容要比其它同类型的报纸要来的丰富许多，第三在同业获利频频下滑之际，水牛城的获利连续第七年成长。
To some extent； these three factors are related； though obviously a high…percentage news hole； by itself； reduces profits significantly。 A large and intelligently…utilized news hole； however； attracts a wide spectrum of readers and thereby boosts penetration。 High penetration； in turn； makes a newspaper particularly valuable to retailers since it allows them to talk to the entire munity through a single 〃megaphone。〃 A low…penetration paper is a far less pelling purchase for many advertisers and will eventually suffer in both ad rates and profits。
某种程度而言，这三个因素是相关的，虽然很明显的高新闻比率会大幅减少获利，一个精彩丰富的新闻能够吸引广大的读者，从而增加渗透率，而高的渗透率回头来又会使得报纸成为广告商喜爱的对象，因为这等于让他们可以透过一个单一的管道，对整个社区进行宣传，相对的一家渗透率低的报纸对于广告商的吸引力就大大的降低，到最后一定会使得广告费收入与获利节节下滑。
It should be emphasized that our excellent penetration is neither an accident nor automatic。 The population of Erie County； home territory of the News； has been falling … from 1；113；000 in 1970 to