Myer Emporium Turn-over Up

Press, Volume CVI, Issue 31210, 7 November 1966, Page 21

Myer Emporium Turn-over Up

(N.Z. Press Association —Copyright) MELBOURNE, November 3. Since August 1, turn-over of the Myer Emporium, Ltd., Australia’s biggest department store group, was 4.8 per cent above the same period last year on a comparable store basis, said the managing director (Mr K. Myer), at the annual meeting today.

In spite of the Federal Treasury bulletin, saying consumer spending was still sluggish in the September quarter, the company’s experience was different, said Mr Myer. Including the new centres opened at Northland in Melbourne and Burwood

in Sydney in October, group sales were up 6.9 per cent. Northland"s first trading period of 23 days achieved sales that were 85 per cent of Chadstone’s, the most successful centre in Australia, for the full month, said Mr Myer. Burwood had also substantially exceeded budgeted sales in its first month. “We are not going to stand still, and last year’s sales (up 2.3 per cent) are not to be taken as an indication of things to come,” he said.

The directors were not entirely happy with the sales for last year, although it was the second largest profit result In the company’s history, said Mr Myer.

Con. Brick Share Exchange "The Press" Special Service WELLINGTON, Nov. 4. The directors of Consolidated Brick and Pipe Investments, Ltd, Auckland, have announced the issue of 85,600 ordinary 10s shares, at a total premium of £17,200, to acquire all the share capital in another company. The company is not named.