W’worths Closes 13 Shops
(N.Z.P. A.-Reuter—Copyright) SYDNEY, April 7. Woolworths Ltd., Sydney, closed nearly a third as many stores as it opened during the 196867 year, the annual report shows. The number of new stores opened totalled 35 throughout Australia and closures amounted to 13 stores. Increase in the number of stores was 22—to 847—compared with an increase of 32 the previous year and 63 in 1964-65. The high rate of closure re-
fleets the effect of the New South Wales drought in country areas—and also reflects the careful scrutiny by Woolworths’ management of possible “laggers’' in the organisation, says the “Australian Financial Review.” Of the IS new stores in N.S.W. only six are situated in country areas, the rest are in Sydney and its environs. New stores in other States were predominantly in cities. The company’s profit-to-sales ratio for 196M7 was only 2.3 per cent against 2.4 per cent the year before.
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Press, Volume CVI, Issue 31339, 8 April 1967, Page 18
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153W’worths Closes 13 Shops Press, Volume CVI, Issue 31339, 8 April 1967, Page 18
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