- 16 - not begin to expand considerably until the mid-1950's, eventually operating 32 stores by the end of 1969. In January 1940, Cyril, Joseph, and Mr. Blum formed Specialty for the purpose of operating a branch store in Reno, Nevada. At that time, JM lacked the capital to open a new store. Specialty opened a second store in Oakland, California, in 1948, and a third store in Lake Tahoe, Nevada, in 1950. All Specialty's stores were operated under the JM name and by JM management, and they had merchandise and customers similar to JM's. Whenever possible, JM and Specialty elected to lease rather than own their store locations. The companies did not have a great deal of available capital, and leasing store locations permitted them to expand. Relevant financial data from the financial statements of JM for the fiscal years ending January 31, 1949 through 1952, are as follows: Fiscal Year Ending January 31 (In Thousands) 1949 1950 1951 1952 Assets $1,778 $1,886 $1,983 $2,161 Earned surplus 645 749 757 782 Sales 4,994 4,856 5,239 5,591 Net income 117 58 41 38 Similarly, relevant data from the financial statements of Specialty for the fiscal years ending January 31, 1949 throughPage: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
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