FINANCIAL NOTES
MORE RETAIL DIVIDENDS.
WITH the publication of the preliminary figures of Swan and Edgar, A. W; Gamage and Swears and Wells, a reasonably com- plete picture is available of the results of the big retail stores for the year ending •January 31st. All three companies showed an increase in earnings, but only Swan and Edgar felt justified in recommending an increased dividend. A. W. Gamage made a net profit of £110,761, an increase over the previous year of £5,162. They are paying a final dividend of 7i per cent. and a bonus of 5 per cent., again making 15 per cent. for the year. This year's dividend is, however, payable on an increased capital, since 200,000 additional los. shares were offered to shareholders a year ago. Swears and Wells made a net profit for the year of £113,729, an increase of £3,670. They are again transfeiring £ to,000 to general reserve and L5,000 to superannuation fund. The final dividend is maintained at 51 per cent., making 8 per cent. for the year, and the balance carried forward is raised by £5,730 to £75,164. Swan and Edgar, who are associated with Debenhams, have been an exception to the general rule, increasing their dividend by
per cent. to 7 per cent. The net profit was £7,635 higher at £'37044. • It will thus be seen only two of the big London stores— Selfridges and John Barker—have shown a decline in net profit. As Mr. Gordon Selfridge explained at Monday's meet- ing, the gross profit of his store continued to rise, but the net figure was affected by an increase in the pay roll and by excep- tional expenditure in connexion with the Coronation.
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