巴菲特致股东的信（1984年）③喜诗糖果

See’s Candy Shops, Inc.

Below is our usual recap of See’s performance since the time of purchase by Blue Chip Stamps:

喜诗糖果

下表是该公司自从被蓝筹印花买下后，对其表现的常规回顾：

This performance has not been produced by a generally rising tide. To the contrary, many well-known participants in the boxed-chocolate industry either have lost money in this same period or have been marginally profitable. To our knowledge, only one good-sized competitor has achieved high profitability. The success of See’s reflects the combination of an exceptional product and an exceptional manager, Chuck Huggins.

要知道这种表现并不是由行业普遍上升的趋势产生的，相反，盒装巧克力行业的许多知名参与者在同一时期要么亏损，要么利润微薄。据我们所知，只有一家规模较大的竞争对手实现了高盈利。而 See's 的成功要归功于优秀的产品与杰出的经营人才 Chuck Huggins。

During 1984 we increased prices considerably less than has been our practice in recent years: per-pound realization was $5.49, up only 1.4% from 1983. Fortunately, we made good progress on cost control, an area that has caused us problems in recent years. Per-pound costs - other than those for raw materials, a segment of expense largely outside of our control - increased by only 2.2% last year.

尽管在 1984 年我们产品价格的涨幅不若以往，仅比 1983 年上涨约 1.4%，每磅卖 5.49 美元。不过还好我们在过去几年一直困扰我们的成本控制问题上大有进展，除了我们无法控制的原材料成本外，每磅成本仅较去年增加 2.2%。

Our cost-control problem has been exacerbated by the problem of modestly declining volume (measured by pounds, not dollars) on a same-store basis. Total pounds sold through shops in recent years has been maintained at a roughly constant level only by the net addition of a few shops annually. This more-shops-to-get-the-same-volume situation naturally puts heavy pressure on per-pound selling costs.

我们的成本控制问题因单店销售量(以英镑而非美元衡量)适度下降的问题而恶化。近年来，单店销售的总磅数一直保持在大致恒定的水平，只是每年新增几家商店。这种销量仅靠店铺扩张而单店不增长的情况，自然给每磅的销售成本带来了沉重的压力。

In 1984, same-store volume declined 1.1%. Total shop volume, however, grew 0.6% because of an increase in stores. (Both percentages are adjusted to compensate for a 53-week fiscal year in 1983.)

1984 年，单店销售量下降了 1.1%。然而，由于店铺数量的增加，总店铺销量增长了 0.6%。(数据经过调整以弥补 1983 年 53 周的差异)

See’s business tends to get a bit more seasonal each year. In the four weeks prior to Christmas, we do 40% of the year’s volume and earn about 75% of the year’s profits. We also earn significant sums in the Easter and Valentine’s Day periods, but pretty much tread water the rest of the year. In recent years, shop volume at Christmas has grown in relative importance, and so have quantity orders and mail orders. The increased concentration of business in the Christmas period produces a multitude of managerial problems, all of which have been handled by Chuck and his associates with exceptional skill and grace.

See's 的销售受到季节因素的影响越来越大，在圣诞节到来的前一个月，销量占全年 40%而利润占 75%，此外复活节与情人节期间的业绩也特别好，但剩下的时间里几乎都是踩水。近年来圣诞节期间的店铺销量增长变得相对重要，团购订单和邮购订单也是如此。圣诞节期间业务的日益集中产生了大量的管理问题，所有这些问题都由 Chuck 和他的同事以非凡的技巧优雅处理，但他们绝不会向服务质量或产品质量妥协。

Their solutions have in no way involved compromises in either quality of service or quality of product. Most of our larger competitors could not say the same. Though faced with somewhat less extreme peaks and valleys in demand than we, they add preservatives or freeze the finished product in order to smooth the production cycle and thereby lower unit costs. We reject such techniques, opting, in effect, for production headaches rather than product modification.

我们大多数较大的竞争对手都不敢这么说。尽管面临着比我们更少的极端需求高峰和低谷，但他们添加防腐剂或冷冻成品，以平滑生产周期，从而降低单位成本。我们拒绝使用此类技术，我们宁愿选择去解决生产难题而不是去改变产品。

Our mall stores face a host of new food and snack vendors that provide particularly strong competition at non-holiday periods. We need new products to fight back and during 1984 we introduced six candy bars that, overall, met with a good reception. Further product introductions are planned.

在非节假日期间，我们在商场的门店面临着许多新的食品和小吃供应商的激烈竞争，所幸在 1984 年我们推出六款糖果棒加以反击，其效果颇佳广受好评，目前我们计划进一步推出新产品。

In 1985 we will intensify our efforts to keep per-pound cost increases below the rate of inflation. Continued success in these efforts, however, will require gains in same-store poundage. Prices in 1985 should average 6% - 7% above those of 1984. Assuming no change in same-store volume, profits should show a moderate gain.

1985 年，我们将更加努力，使每磅成本的增长低于通货膨胀率，当然这必须要单店销量的增长来加以配合，1985 年每磅售价将会提高 6-7%，即使单店销量没有增加，利润应该会出现温和增长。

See’s Candy Shops, Inc. Below is our usual recap of See’s performance since the time of purchase by Blue Chip Stamps:

In 1984, same-store volume declined 1.1%. Total shop volume, however, grew 0.6% because of an increase in stores. (Both percentages are adjusted to compensate for a 53-week fiscal year in 1983.)

Our mall stores face a host of new food and snack vendors that provide particularly strong competition at non-holiday periods. We need new products to fight back and during 1984 we introduced six candy bars that, overall, met with a good reception. Further product introductions are planned.

See’s Candy Shops, Inc.

Below is our usual recap of See’s performance since the time of purchase by Blue Chip Stamps: