EDGARS releases 2011 annual report

The Board of Directors is pleased to release the annual report for the year ended 7 January 2012. Below are excerpts from the Chairman’s Report.

Chairman’s Report

The steady growth in accounts, improved merchandise assortments and improved cost management together with the successful rebranding of Express to Jet in November ensured that targets were met.

Performance

On the back of credit, Edgars Chain units grew 23% whilst margins were slightly up at 53.1%. Chain trading profit grew 37.3% as a result of improved profitability and the sale of higher value branded items…

Credit Management

Accounts grew by 42.9%. The active book stood at 81%. Collection rates and other key indicators have remained satisfactory…

Appreciation

On behalf of the board I wish to congratulate the management and staff of Edgars for working as a team to achieve a sterling set of results.
Outlook

The recent liquidity crisis in the banking sector and economy is of concern. Our focus will be on steady growth, albeit at a slower rate, improved merchandise assortments and customer shopping experience…

By order of the board.
TN Sibanda
Non-Executive Chairman

Download the full annual report here..