WOOLWORTH MILLIONS
Those who had feared that the demand for Woolworth's goods, bearing in mind the growing competition in this field, was approaching saturation-point, will have to adjust their ideas in the light of the 1938 figures. Not merely have this enterprising low-priced stores achieved a new record profit, but the net figure, at £6,961,141, is actually £470,000 higher than that of 1937. Taxation takes a good deal more, of course ; the Inland Revenue's levy is £2,031,745; but even so the board is able not merely to increase the ordinary dividend from 6o to 65 per cent. but to carry forward nearly £1,000,000 more at £5,468,4.45.
It is evident that the policy of expansion is still bringing in a rich harvest, and although I feel that the rate of profit increase must diminish now that the really dynamic period of growth is over, I would still regard the 5s. shares at 6os. as good value for money. The results will be especially pleasing to those who took up shares at the time of the offer for sale last November. Not only have the subscribers a modest capital profit of 2S. on the price of 58s. at which Philip Hill and Partners offered the shares to the public, but they have the benefit of an increased dividend as well.
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