ARMY AND NAVY STORES
General Sir Frederick Gascoigne, the chairman of the Army and Navy Stores, explained to the shareholders yesterday that it was due to the economies resulting from the regrouping of departments and offices that the profits for the past year had declined by no more than £47,378. The store has in recent years been engaged in an extensive programme of structural alterations and the re-grouping of departments. The process was, he announced, proceeding according to time-table, and the biggest operation—the rebuilding of Howick Place—will, he hopes, be finished before the Christmas trade begins. In addition to its London store, the company owns important department stores in India, and Sir Frederick, who has visited the Indian branches during the past year, reported that the company is holding its own in spite of increasing competition.
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