Smith, Brown ahead

Press, 19 October 1976, Page 26

Smith, Brown ahead

PA > Auckland The sales of Smith and Brown Maple Furnishing, Ltd, were about 10 per cent ahead in the first three months to September 30 of the current year said the chairman (Mr E. T. Gillett) at the annua) meeting. Sales of colour television sets had shown a noticeable decrease since the Olympic Games and the All Black tour ■of South Africa. This, to-. Igether with the very high deI posit now required, prevented a great many people buying sets on the terms the company could offer, he said. , The market had also been reasonably satisfied, so far as original demand was concerned. The future demand for home furnishings was generally closely related to the prevailing economic climate within N.Z., while there was also a market to service in new housing and replacement appliances. Although there were many obstacles in the short-term, the company was soundly l

based financially and prospects for development were good, he said. The shortage of supplies particularly home appliances, had been considerably relieved.

A number of the group’s competitors appeared to have become over-stocked during the year, and this had led to increased promotions and a more competitive market. In the retail division, the directors had continued the policy of expanding into more areas. A new store was opened in Invercargill where results to date had exceeded expectations.

A property, had been acquired in Upper Riccarton, Christchurch, where the erection of a new retail store would start soon after Christmas.

It was pleasing to note that the group’s hard furniture and upholstery factories could produce and market competitively in Invercargill and Dunedin despite the considerable freight costs involved, he said. ,