英文早读第255篇，选自巴菲特年度信，友才翻译。
Textile and Retail Operations
纺织和零售业务
During the past year we have cut back the scope of our textile business. Operations at Waumbec Mills have been terminated, reluctantly but necessarily. Some equipment was transferred to New Bedford but most has been sold, or will be, along with real estate. Your Chairman made a costly mistake in not facing the realities of this situation sooner.
在过去的一年里，我们缩小了纺织业务的范围。尽管不情愿，但很有必要，我们已终止了温贝克工厂的运营。一些设备被转移到了新贝德福德，不过大部分设备以及房地产都已出售，或者即将出售。董事长没有更早地正视这一现实情况，犯了一个代价高昂的错误。
At New Bedford we have reduced the number of looms operated by about one‐third, abandoning some high‐volume lines in which product differentiation was insignificant. Even assuming everything went right ‐ which it seldom did ‐ these lines could not generate adequate returns related to investment. And, over a full industry cycle, losses were the most likely result.
在新贝德福德，我们将所使用的织机数量减少了约三分之一，放弃了一些产品差异化不明显的大批量生产线。即便假设一切进展顺利（而这种情况很少出现），这些生产线也无法带来与投资相称的充足回报。而且，从整个行业周期来看，最有可能出现的结果是亏损。
Our remaining textile operation, still sizable, has been divided into a manufacturing and a sales division, each free to do business independent of the other. Thus, distribution strengths and mill capabilities will not be wedded to each other. We have more than doubled capacity in our most profitable textile segment through a recent purchase of used 130‐inch Saurer looms. Current conditions indicate another tough year in textiles, but with substantially less capital employed in the operation.
我们留存下来的纺织业务规模仍然相当可观，并已被拆分为生产部门和销售部门，两个部门都能独立开展业务。这样一来，销售渠道优势和工厂生产能力就不会相互束缚。最近，我们购置了二手的130英寸苏尔寿织机，使最盈利的纺织业务板块的产能提升了一倍多。目前的形势表明，纺织业又将迎来艰难的一年，但该业务运营所投入的资金已大幅减少。
119.cut back： 减少；削减；缩减
120.reluctantly：不情愿地
121.loom：织布机
122.wedded：结合在一起；融为一体
