The Directors of Edgars Stores (Zimbabwe) Limited are pleased to announce the release of their 2010 interim financial results for the 25 weeks ended 3 July 2010. Below is an extracts from the results:
Commentary
- Customer Focus
The Edgars brand is a household name and, over the years, our customers have associated us with wide CFTA assortments, caring customer service and superior shopping destinations...
- Operating Environment
There have been no significant changes in the economic environment since we updated shareholders at the AGM. Disposable incomes remained depressed and demands for higher wages and rentals continue...
- Financial Performance
The Edgars chain performed well with unit sales growing 607% over the same period last year. This growth was largely on the back of credit initiatives. New accounts grew from 38,000 in December to 62,000 at the end of the reporting period...
- Appreciation
I would like to pay tribute to my fellow board members for their support and to executives, management and staff for their exceptional efforts to bring about a strong recovery.
- Outlook
The remainder of the year to December will reflect the turnaround and the income statement will show the benefits of the lower cost of borrowings and improved turnover performance reported above...
Download 2010 interim results here...