The Board of Directors of Edgars Stores Limited releases its 2019 audited financial results presentation, below are excerpts from the presentation.
EXECUTIVE SUMMARY
Functional currency: ZWL$.
- Implemented (IAS 29)-below commentary based on historical numbers
- Revenue growth: Group 241.8% (Edgars 283%, Jet 223%)
- PAT increase 507.2% to ZWL$ 51.6m.
- Good quality debtors book (75.5% current).
- Implemented IFRS 16-Leases.
- Brand acquisition (no franchise fees payable to Edcon from January 2019)
- Change in major shareholder-from Edcon to Sub Sahara Capital Group (SSCG)
- Successful import substitution (85% of our merchandise inputs are local, of which 11.8% is from Carousel.
- Overstock position at year end.
- Gearing of 0.21 from 0.22 last year.
- Foreign liabilities USD 219 036 (fully settled as at 30.04.2020).
- Reopened Edgars and Jet Stores in Kadoma in new sites (plus Jet Chegutu and Banket).
FY2020-LOOKING AHEAD
- Year end over stock position put the business at an advantage for first quarter trading.
- All the stores were closed for the entire five week Corona virus induced lock down, sales and collections took a knock.
- We have re-opened all stores from the 5th of May 2020. Trading is going on well.
- Carousel opened as essential services and has been producing face masks for the market, demand is encouraging.
- Trading update to be posted onto our website by Monday the 18th of May 2020.
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