HAY’S YEAR SHOULD BE SATISFACTORY

Press, Volume CVI, Issue 31326, 23 March 1967, Page 19

HAY’S YEAR SHOULD BE SATISFACTORY

As long as trading conditions remain reasonably buoyant, Hay’s, Ltd., Christchurch retailer, hopes to show a satisfactory result for the full year, says the chairman (Sir James Hay) in his interim report. Sales in the half-year to January 31 exceeded those for the same period the previous year. Trading conditions were reasonably buoyant in spite of keen competition. An estimated net profit, fully comparable with 1966, can be regarded as gratifying, he says. It is not easy to predict the future pattern of retail trading in New Zealand because of the recent actions of the Government to restrain consumer demand, says Sir James Hay. However, because of various projects already undertaken by the company, a further

sales increase is expected in the current half-year. As announced, a steady interim dividend of 4j per cent has been declared. Northlands The new store at the Northlands shopping centre, Papanui, should open for trading, as scheduled, before Christmas. Building of the remaining part of the centre, which includes 30 shops, has begun and these should be opened about the same time. Extensions to the Ashburton store should bring worthwhile sales and profits, says Sir James Hay. Business Personal Mr C. W. Mace, of Mace Engineering Ltd., has been appointed a director of Midland Motorways Services, Ltd., Christchurch.