The Directors of Edgars Stores Limited are pleased to announce the release of the Group's 2011 full year results and presentation for the 52 weeks ended 7 January 2012. Below are financial highlights and a brief extract from the Commentary section of the results.
Financial highlights
Retail sales up 44% to $51m
No of debtors accounts increase 43% to 158 901
Trade & other receivables up 23% to $19,5m
Trading profit up 77% to $7,5m
Cash flows from operating activities improve $12,8m
Earnings per share up 120% to 1.37cents
Commentary
The steady growth in accounts, improved merchandise assortments and improved cost management together with the successful re-branding of Express to Jet in November ensured that targets were met.
Performance
On the back of credit, Edgars Chain units grew 23% whilst margins were slightly up at 53.1%. Chain trading profit grew 37.3% as a result of improved profitability and the sale of higher value branded items...
Credit Management
Accounts grew by 42.9%. The active book stood at 81%. Collection rates and other key indicators have remained satisfactory. Bad and doubtful debts are fully provided for while net handovers for the year averaged 0.4% of lagged debtors.
Appreciation
On behalf of the board I wish to congratulate the management and staff of Edgars for working as a team to achieve a sterling set of results.
Outlook
The recent liquidity crisis in the banking sector and economy is of concern. Our focus will be on steady growth, albeit at a slower rate, improved merchandise assortments and customer shopping experience. Low cost store improvements and opening of new sites will be carried out as resources permit...
By order of the board
TN Sibanda
Non-Executive Chairman
To download the full year 2011 abridged results and presentation please click on the links below.
Download FY2011 abridged report
Download FY2011 results presentation