SCM sales up
Group turnover for Smiths City Market, Ltd, was up 17 per cent in the last two months compared with the corresponding period last year, the chairman, Mr D. R. Smith, said last evening. This did not include the trading of Noel Leeming Television, Ltd, which would significantly increase the figure, he said at the company’s annual meeting. Mr Smith told shareholders that an 80 per cent holding in Noel Leeming Television had been purchased for $1.24M. No changes were planned for that company. The improved trading of Smiths City Market resulted
from better buying and less goods discounting, he said.
Profits for the three months from April 30 had increased from the corresponding quarter last year by a level higher than inflation, Mr Smith said. In the three month period last year, trading boomed 40 per cent as a result of expected tax increases in the 1982 Budget. As already reported, Smiths City Market had a rise in group profit after tax in the year to April 30 of $2,644,547, 75 per cent up on the previous year’s result.
Turnover in the year was $47,773,610, a rise of 21.5 per cent.
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Press, 30 September 1983, Page 20
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194SCM sales up Press, 30 September 1983, Page 20
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