Profits Of McKenzies’ Stores, Ltd., Less Than Last Year

Wanganui Chronicle, 21 June 1949, Page 10

Profits Of McKenzies’ Stores, Ltd., Less Than Last Year

WELLINGTON, Last Night (PA). —“All our trading companies operated successfully during the past year," said the chairman, Mr. J. M. A. Hott, at the annual meeting of McKenzies Department Stores Ltd. The net profit was lower than the previous year, but as the result of reduced licences available under import control and reduced prices consequent upon the variation in exchange, the turnover was not equal in money values to the figures shown in the peak year of 1947. After providing for tax, the net profit was £66,380, against £77,770 the previous year. “Last year we held substantial stocks, in fact a much heavier total than we would normally carry,’’ said Mr. Hott. "This was brought about through import control. Had we power to regulate the purchase of our own stocks we could operate much more economically for the benefit ol our customers. Stocks last year were £783,524 and this year £4BB, 040. We are very short of many essential, lines, and we hope we will be allowed some further increase in licences to enable us to keep up our turnover.”