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 1；015；000 in 1980 to an estimated 966；000 in 1988。 Circulation figures tell a different story。 In 1975； shortly before we started our Sunday edition； the Courier…Express； a long…established Buffalo paper； was selling 207；500 Sunday copies in Erie County。 Last year … with population at least 5％ lower … the News sold an average of 292；700 copies。 I believe that in no other major Sunday market has there been anything close to that increase in penetration。
必须强调的是我们的渗透率并不是个意外抑或是自然而然的一件事，以水牛城报纸的大本营Erie市来说，当地的人口数从1970年的111万人一路减少到1980年的101万，乃至于1988年的96。6万人，但报纸发行量的变化却完全相反， 1975年在我们刚准备开始发行周日版之前，Courier…Express一家水牛城当地相当悠久的报纸每周的发行量约为20万份，去年在总人口比当初还少5％的情况下，水牛城的发行份数却将近有30万份，我相信在美国没有其它地区能够像我们这样成长的。
When this kind of gain is made … and when a paper attains an unequaled degree of acceptance in its home town … someone is doing something right。 In this case major credit clearly belongs to Murray Light； our long…time editor who daily creates an informative； useful； and interesting product。 Credit should go also to the Circulation and Production Departments： A paper that is frequently late； because of production problems or distribution weaknesses； will lose customers； no matter how strong its editorial content。
当我们能够如此成长同时又得到家乡父老如此的支持，一定有人居功厥伟，我想总编辑Murray Light应该是当之无愧，是他日复一日创造出如此发人深省、有用且有趣的产品，当然发行与生产部门也一样功不可没，一家报纸若是因为印刷或配送问题而时常误点，不管他的内容有多精彩丰富，一定会影响客户订阅的意愿的。
Stan Lipsey； publisher of the News； has produced profits fully up to the strength of our product。 I believe Stan's managerial skills deliver at least five extra percentage points in profit margin pared to the earnings that would be achieved by an average manager given the same circumstances。 That is an amazing performance； and one that could only be produced by a talented manager who knows … and cares … about every nut and bolt of the business。
Stan Lipsey报纸的发行人，利用获利来加强我们的产品竞争力，我相信Stan管理能力至少让我们报纸的营业利益增加五个百分点以上，这真是令人赞叹的表现，这只有完全熟悉企业大大小小事物的优秀经理人才有办法做到这样的成绩。
Stan's knowledge and talents； it should be emphasized； extend to the editorial product。 His early years in the business were spent on the news side and he played a key role in developing and editing a series of stories that in 1972 won a Pulitzer Prize for the Sun Newspaper of Omaha。 Stan and I have worked together for over 20 years； through some bad times as well as good； and I could not ask for a better partner。
Stan的知识与才能也延伸到编辑出版之上，早期他个人的生涯多花在新闻采访之上，曾经花了相当多的时间报导一系列的故事，并在1972年为奥玛哈太阳报赢得新闻界的最高荣誉…普立兹奖，Stan与我已经共事长达20年之久，一起经历各种风雨、患难与共，实在很难再找到像他这么好的伙伴。
At Fechheimer； the Heldman clan … Bob； George； Gary； Roger and Fred … continue their extraordinary performance。 Profits in 19