WOOLWORTHS (N.Z.), LTD.

Evening Post, Volume CXXVI, Issue 116, 12 November 1938, Page 12

WOOLWORTHS (N.Z.), LTD.

"PROGRESSING FAVOURABLY"

Directors of Woolworths (New Zealand), Ltd., report for the year ended October 1 a profit of £223,212, as against £185,461 last year. The sum of £98,000 is set aside as provision for taxation, compared with £74,000 last year, leaving a net profit of £125,212, an increase- of £13,751. The directors also state that the affairs of the company have progressed favourably, and that all branches are operating successfully. After setting aside £98,000 as provision for taxation, the net profit for the year amounts to £125,212, as stated.

Interim dividends have been paid as follows:—Preference shares, 4£ per cent, on April 15 and 4£ per cent, on October 15. a total of £4500; ordinary shares, 5 per cent, on July 15, 1938, £31,131, leaving a balance of £89,581. The directors recommend that this balance be dealt with as follows:—Declaration of a final dividend of 11 per cent, for the year on the paid-up ordinary share capital, £68.486; appropriation to staff provident fund, £2500; transfer to general reserve, £18,595, making the amount at credit of general reserve and reserve account a total of £112,882.