EDGARS releases the HY2011 financial results

The Directors of Edgars Stores Limited are pleased to announce the release of the Group’s 2011 interim results for the 26 weeks ended 9 July 2011. Below are financial highlights and a brief extract from the Commentary section of the results.

Financial results

•     Retail sales up 94% to $19,6m
•     No of debtors accounts increase 113% to 133 598
•     Trade & other receivables up 230% to $14,0m
•     Earnings up 180%
•     Unit Sales up 54% to 1,4m
•     Trading profit up 1 028% to $2,3m

Commentary

The account growth achieved by the Edgars Chain last year provided a larger sales platform which, together with wider merchandise assortments and improved productivity, resulted in increased profitability for the first half of the year.

Financial Performance

The Edgars Chain achieved an 111.4% growth in turnover with margins improving to 52.7% compared to 51% last year…

Download full HY2011 results here…