Edgars HY2023 Financial Results

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March 11, 2014

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