Foodtown group profit
PA Auckland Progressive Enterprises, Ltd, the grocery retailing group, has continued the strong profit growth of last year in spite of the price freeze, lifting its interim net profit 33.7 per cent to a record $2,706,000. The unaudited result for the 24 weeks to September 11 is an increase of $682,000 on consolidated after-tax profit for the corresponding period last year.
It was earned on consolidated sales for the period of $150.6M, a 22.1 per cent rise on the first half last year.
The directors say the company will maintain its heavy development thrust after a decision to proceed with a twenty-fourth Foodtown supermarket at Browns Bay, Auckland. The latest trading period was marked by large property purchases in Palmerston North and Lower Hutt. Grocery prices monitored by the Consumer Institute increased by less than 2 per cent in the 12 months to June, say the directors. While the profit increase reflects higher sales, it also points to strong control over expenses, they say.
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Press, 21 October 1983, Page 12
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167Foodtown group profit Press, 21 October 1983, Page 12
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