EDGR.zw | Audited results and presentation for the 52 weeks ended 04 Jan 14

The Directors of Edgars Stores Limited announce the release of the Group’s abridged financial results and presentation, for the 52 weeks ended 4 January 2014. Below are some financial highlights.

Group CEO of Edgars Stores Limited, Linda Masterson at the recently held FY2013 analyst briefing.

Financial highlights

• Retail sales up 8% to $64.8m
• Profit after tax up 12% to $4.2m
• Finance costs down 36% to $1.7m
• Cash generated from operations up to $3.6m

Retail operations

The Edgars chain grew sales by 5% to $51,4m (2012:$48,8m). This represents 80% of group retail sales (2012:81%) of which 72% were credit sales (2012:71%). At year end, the chain traded out of 26 outlets (2012:24) with a gross trading area of 26 572 m2 (2012:26 020 m2). The trading density was $2 459 (2012: $ 2 378). Chain trading profitability was 21% (2012:20%).

The Jet chain results were below expectations. Sales increased by 17% to $13m (2012:$11,1m) but the chain profit decreased by 40% to $522 527 from $869 224. This decrease in profit is partly attributable to startup costs associated with the opening of new branches…

Dividend

The company is still not in a position to declare a dividend. There is a backlog of capital expenditure projects to be embarked on and the level of debt is still too high.

Appreciation

I am grateful to fellow board members, management, staff and other key stakeholders for their efforts and support of the business.

T N Sibanda
Chairman