DRAPERY TRADE LOSSES.

Evening Post, Volume CXIV, Issue 124, 22 November 1932, Page 10

DRAPERY TRADE LOSSES.

Accounts of Buckley and Nunn, Ltd., the well-known and fashionable drapers, for the year ended 24th July, show net profits of £15,506, an improvement ; of £43,128 in comparison with the, •previous year, when a heavy loss was incurred. ■ After paying preference dividends of £10,500. there is £8006 to be carried forward. ;The. directors report that most of the improvement shown occurred in the last half of the financial year. Marcus Clark and Compaq', Ltd., Sydney, another large retail drapery organisation, shows a trading profit of £1062 for ■ the year ended/31st July. Adding rents and dividends of £7937 (a reduction of £1460) and allowing £43,981 for administrative expenses and £9147 for depreciation, there is a loss of £44,130, against a loss the previous year of £50,381. From reserve fund £45,000 is transferred to profit and loss, giving a credit of £871, and with £2967 brought forward, a credit of £3838 is carried forward. Two years' dividend accrued in preference shares haa not been paid. A greater volume of trade was done in the drapery department, but the large furniture and furnishing sections again fell off, and in all sections much lower priced goods were in demand. Stocks have been reduced' to meet the fall in sales.