CHAIN STORE SUITS

Evening Post, Volume CXXVII, Issue 3, 5 January 1939, Page 12

CHAIN STORE SUITS

EXTENDING TRADE

Some idea of the extent of fixedprice suits for men and retailing them on a big scale was given in the speech of Sir Henry Price, chairman and managing director of Prices, Tailors, Ltd., London. Addressing shareholders at the recent annual meeting Sir Henry said the company's trading profit; for last year amounted to £572,576, compared with £521,788 for the previous year They had transferred by way of dividend upon their ordinary shares £200,000 to Prices Trust Co., Ltd., and after allocations to income tax, national defence, and other, reserves, it was proposed to carry forward £257,831, compared with £226,415 brought in. Shareholders would agree that this was a very satisfactory reSUA' subsidiary company, Prices Tailors Properties, Ltd., was formed in 1935 to finance purchase of properties. It had made a further issue of capital in ord* to take over additional properties already acquired by their associated company. The additional ordinary shares would be taken upi by Prices, Tailors, Ltd., so that they would retain the whole of the equity. The income of the Property Co. was based upon rentals paid by Prices, Tailors, Ltd., and its debentures and preferences shares constituted an investment of the first order. The number of depots at 340 showed a net increase of 27. Efforts had been concentrated on improving products and giving better service so as to meet the most exacting individual requirements within the standard prices of 50s, 635, and 75s per suit. The business had been further consolidated and was now becoming established as a national institution with an everincreasing goodwill. The report and accounts were unanimously adopted.