EDGR.zw | FY2012 financial results

The Directors of Edgars Stores Limited announce the release of the Group’s 2012 abridged results, for the 52 weeks ended 5 January 2013. Below are a few financial highlights.

Financial highlights

•     Retail sales up 17.8% to $60.1m
•     Trade and other receivables up 19.7% to $23.3m
•     Current ratio up from 1.33 to 2.56
•     Number of accounts grew from 158 901 to 181 581

Retail Operations

The Edgars chain grew sales by 12% to $48.8m (FY2011:$43.4m). This represents 81% of group retail sales (FY2011:86%) of which 73% were credit sales…

Credit Management

Average handovers were 0.3% and 1.6% of lagged debtors and credit sales respectively…

Capital Expenditure

The bulk of the capital expenditure was for new stores and refurbishments, with the balance spent on IT systems, vehicles and other plant and equipment.

Dividend

The board is conscious of the need for the payment of dividends. This will be done when our recovery is complete in terms of gearing.

Appreciation

I am grateful to the Board colleagues, management, staff and other stakeholders for their unwavering efforts and support of the business.

T.N Sibanda
Chairman