WOOLWORTHS IN WAR TIME
It becomes more apparent every year that F. 1. Woolworth and Co., the low price chain stores, IMO counted among our most alert and adaptable individ concerns. Last year, in face of the serious difficul imposed by war conditions, this organisation somehow trived to earn a record net trading profit of £7,612.60 That was sufficient to cover a taxation charge of 11 £3,000,000, and payment of a 65 per cent. dividend on ordinary capital. How was this miracle accomplished. Partly, as Mr. W. L. Stephenson pointed out at the an' meeting, as a result of far-seeing buying policy. At outbreak of war the company's stocks had been built from a very low level at the beginning of the year CO figure much in excess of normal." Hence the ability to the sudden rush of the public to fill their requirements pre-war prices. Again, while business suffered severely
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FINANCE AND INVESTMENT
(Continued from page x6o) the larger establishments in evacuation areas, there were more than compensating gains in the huge increases in sales in the neutral and safe areas. What of the future? There are bound to be difficulties with regard to supplies and prices, but Mr. Stephenson is confident that it will be possible to maintain the Woolworth range. It is also the board's policy to refrain from any slowing up of the tempo of the machine. This is as plain an indication as stockholders could wish of the board's resolution and enterprise. Interim dividends are to be increased from 15 per cent. to 20 per cent., but this is merely to narrow the gap between the interim and final payments. On the existing dividend rate of 65 per cent., Woolworth 5s. units yield about 51 per cent. at just over L3. They are a first-class industrial investment. * * *
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