Business / Companies
Edgars returns to FY profit after the reintroduction of credit facilities
25 Mar 2011 at 20:22hrs | Views
Zimbabwean clothing retailer Edgars posted a return to full-year profit on Friday, helped by strong sales after reintroducing credit facilities and said it plans store expansion.
Edgars, which runs 33 stores said earnings per share totalled 0.62 cents in the year to Jan. 8 from a loss of 0.89 cents a year earlier.
Revenue grew 320 percent to $36 million from $11.1 million after the company reintroduced credit facilities which pushed up unit sales by 213 percent.
Chairman Themba Sibanda said the company, which caters to middle to upper-income consumers, said the company was targeting a low-cost store expansion this year.
"We anticipate continued positive growth in 2011, albeit at a slower rate," Sibanda said.
Edgars, which runs 33 stores said earnings per share totalled 0.62 cents in the year to Jan. 8 from a loss of 0.89 cents a year earlier.
Revenue grew 320 percent to $36 million from $11.1 million after the company reintroduced credit facilities which pushed up unit sales by 213 percent.
Chairman Themba Sibanda said the company, which caters to middle to upper-income consumers, said the company was targeting a low-cost store expansion this year.
"We anticipate continued positive growth in 2011, albeit at a slower rate," Sibanda said.
Source - Reuters
