Edgars records jump in profits

Zimbabwe Stock Exchange-listed clothing giant, Edgars Stores Limited recorded a 22,3 percent jump in profits to $5,2 million for the 53 weeks to January 10 as the group's focus on offering various credit option, improved assortments and superior customer services paid off.

According to the Edgars chairman Themba Sibanda the various initiatives that were underpinned by the relaunch of the Club, which incorporated the Hospital Cash Plan, resulted in a 12,7 percent growth in revenue to $73,03 million from $64,8 million in the prior period.

In terms of its retail operations, Mr Sibanda said the top line for its Edgars chain shot up 9,1 percent after it launched the Club and extended in the form of a 12 months to pay option for its customers.

Profitability for the business, however, fell by 6,6 percent due to discounts offered to clients during the year.

The Jet Chain on the other hand increased its contributions to the group to 21,6 percent from 20 percent due to management efforts to improve pricing and product assortment.

The chain's turnover was up 20 percent while like for like growth stood at 2,4 percent and profitability rose 30,3 percent.