W’worths Lifts Sales To £l7m

Press, Volume CVI, Issue 31224, 23 November 1966, Page 25

W’worths Lifts Sales To £l7m

(New Zealand Press Association) WELLINGTON, November 22. Sales of Woolworths (New Zealand), Ltd., for the year to September 28 were a record at £17,625,291, an increase of £2,300,296, or 15.01 per cent for the year, the directors say in their annual report.

Gross profit rates in both variety and food were maintained at the levels of the previous year. The ratio of total expenses to sales was reduced. Profit Consolidated net profit was £355,793, against £314,344 the previous year, an increase of 13 per cent. Earning rate on ordinary capital is up from 16,9 to 19.2 per cent. The result is reached after provision of £207,766 (£180,367) for depreciation and amortisation and £411,446 (£372,597) for tax; it is also after deduction of £44,846 (£44,846) for the 5} per cent

dividend on preference stock in the subsidiary, Woolworths (N.Z.) Properties Ltd., Preference dividend of 9 per cent takes £4500 (£4500). Steady ordinary dividend of 11 per cent takes £251,154 times. The directors say that in spite of the substantial increase in sales the value of stocks at the end of the year was £65,000 less than the beginning.