25 March 2024 Announcement of the results of voting at the Extraordinary General Meeting of shareholders of Edgars Stores Limited (“the Company”) held at 10:00 hrs on Friday, 22 March 2024 relating to and seeking approvals for the delisting of the Company from the Zimbabwe Stock Exchange, immediately ...
1 March 2024 Dear Shareholder,
As we navigate the dynamic landscape of the business environment, I would like to bring to your attention some pivotal developments that warrant careful consideration for the future of Edgars Stores Limited. Historically, the Edgars business has heavily relied on ZWL transactions; however, recent ...
7 February 2024 The Directors of Edgars Stores Limited (the “Company”) wish to advise all shareholders and the investing public that the Board, subject to shareholder approval and the granting of all necessary regulatory authorisations, has approved the delisting of the Company from the Zimbabwe Stock Exchange, immediately ...
7 February 2024 The Edgars Stores Limited Board of Directors wishes to advise its valued shareholders and other stakeholders that it has changed the Company Secretary:
Chipo Mafunga of ChimukaMafunga Commercial Attorneys have been appointed as Company Secretary effective 01 January 2024.
The Board sincerely thanks Sikhumbuze Mate for his ...
8 January 2024 The Edgars Stores Limited Board of Directors wishes to announce the following change to its composition:
Appointment: Chesternoel Mutevhe - Group Chief Finance Officer
The Board would like to announce the appointment of Mr. Chesternoel Mutevhe as the Group Chief Finance Officer with effect from 1 ...
14 December 2023 The Company presents its business update for the nine months of the 2023 financial year.
Trading environment
The economic environment was relatively stable during the quarter after the interventions of the Central Bank and Government aimed at stabilising the ZWL exchange rate and inflation. The interventions among ...
1 November 2023 16 Chairman s report
Directors responsibility for the Interim Financial Information
The Directors of Edgars Stores Limited are responsible for the preparation and fair presentation of the Group s interim condensed consolidated financial statements. The reviewed interim condensed consolidated financial statements have been prepared in accordance ...
30 October 2023 The Edgars Stores Limited Board of Directors wishes to announce the following changes to its composition:
EXECUTIVE DIRECTORS
Resignation: Tjeludo Ndlovu - Group Chief Executive Officer
Ms Tjeludo Ndlovu, the Group Chief Executive Officer of the Group, resigned from the Board and will be leaving the Group on ...
9 October 2023 The Board wishes to advise its stakeholders that following unanticipated delays in the finalization of the review process by our External Auditors, Edgars Stores Limited has sought and obtained approval from the Zimbabwe Stock Exchange (ZSE) to defer publication of the half year financial statements ...
20 June 2023 The Directors of Edgars Stores Limited ( Edgars or the Company ) are pleased to announce the results of the Annual General Meeting ( AGM ) of shareholders held on Thursday 15 June 2023 at Edgars Stores Limited Auditorium, LAPF House, Cnr 8th ...
13 June 2023 Group Chairman’s Report
Directors responsibility for the Integrated Annual Report
The Directors of Edgars Stores Limited are responsible for the preparation and fair presentation of the Group’s consolidated financial statements. The audited financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), in the ...
23 May 2023 Notice is hereby given that the 74th Annual General Meeting of members will be held at the Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo Street, Bulawayo on Thursday 15 June 2023 at 08:30 hours. Following is the Agenda for the meeting:-
Ordinary Business
1. ...
9 May 2023 Chairman’s report
Directors responsibility for the Integrated Annual Report
The Directors of Edgars Stores Limited are responsible for the preparation and fair presentation of the Group’s consolidated financial statements. The audited financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), in the manner ...
14 April 2023 The Board wishes to advise its stakeholders that following unanticipated delays in the finalization of the review process by our External Auditors, Edgars Stores Limited has sought and obtained approval from the Zimbabwe Stock Exchange (ZSE) to defer publication of the full year financial statements ...
14 November 2022 The Company presents its business update for the third quarter (Quarter 3) of the 2022 financial year.
Trading environment
The operating environment remains complex and challenging. In order to tame inflation, the Central Bank at the beginning of the quarter tightened monetary policy, increased interest rates from ...
13 October 2022 KEY HIGHLIGHTS
Functional currency: RTGS$.
Sales growth: Group 38.6% (Edgars 55%, Jet 28%).
Group PAT increased by 540% to $ 1.2billion.
84.1% of the debtors book in current status.
Negative operating cash flow: $ 596m.
Stockholding increased by 35% on prior year. Weeks cover 21.8 weeks for Edgars Chain and 18.68 ...
10 October 2022 Chairman’s report
Directors responsibility for the Integrated Annual Report
The Directors of Edgars Stores Limited are responsible for the preparation and fair presentation of the Group’s consolidated financial statements. The reviewed interim consolidated condensed financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), ...
19 August 2022 Directors responsibility for the Integrated Annual Report
The Directors of Edgars Stores Limited are responsible for the preparation and fair presentation of the Group s consolidated financial statements. The audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), in the ...
2 August 2022 Notice is hereby given that the 73rd Annual General Meeting of members will be held virtually at https://escrowagm.com/eagmZim/Login.aspx on Thursday 25 August 2022 at 08:30 hours. Following is the Agenda for the meeting:-
Ordinary Business
To approve minutes of the 72nd Annual General Meeting held on 30th ...
27 July 2022 Chairman’s Statement
Directors responsibility for the Integrated Annual Report
The Directors of Edgars Stores Limited are responsible for the preparation and fair presentation of the Group’s consolidated financial statements. This press release represents an extract thereof. The audited financial statements have been prepared in accordance with International ...
8 July 2022 Edgars Stores Limited would like to advise shareholders that the Company will not be able to publish year end results for the 52 weeks ended 09 January 2022 by the 31st of May 2022 per the ZSE listing rules.
The delay has been as a result ...
26 May 2022 OPERATING ENVIRONMENT
The Quarter ended 10 April 2022 was characterised by an increase in inflation levels from 60.7% in December 2021 to 72.7% in March 2022. The rise in inflation has resulted in an increase in operating costs, with occupancy, employment, fuel and the cost of ...
26 May 2022 The Edgars Stores Limited Board of Directors wishes to announce the following changes to its composition:
Appointment: Mr Christo Claassen CA (SA)
Mr C. Claassen was appointed to the board as an independent non-executive director, effective 1 March 2022.
Christo is currently the Founder and CEO of Fortuna ...
5 May 2022 Edgars Stores Limited would like to advise shareholders that the Company will not be able to publish year end results for the 52 weeks ended 09 January 2022 by the 30th of April 2022 per the ZSE listing rules.
The delay has been as a result ...
19 November 2021 The Company presents its business update for the third quarter (Quarter 3) of the 2021 financial year. This update on financial performance is measured in inflation adjusted terms.
Trading environment
The impact of level IV lockdown introduced after the heightened third wave infections in June, curtailed foot ...
21 October 2021 Chairman s Statement
The statement is prepared on the basis of inflation adjusted numbers.
CAUTIONARY- RELIANCE ON THE INFLATION ADJUSTED REVIEWED FINANCIAL STATEMENTS
The Directors have exercised due care in applying judgements in the preparation of these financial statements. However there are material and pervasive impacts from the ...
14 September 2021 The Edgars Stores Limited Board of Directors wishes to announce the following changes to its composition:
EXECUTIVE DIRECTORS
Retirement: Bright Ndlovu – CA (Z), MBL (UNISA), CIMA Bright Ndlovu has retired from the Board and as Chief Finance Officer (CFO) effective 31 August 2021.
He was appointed to ...
14 September 2021 The Board of Directors of Edgars Stores Limited is pleased to announce the appointment of
Ms HAPPINESS VUNDLA
as the Chief Finance Officer with effect from 1 September 2021.
Ms Vundla is a Chartered Accountant (Zimbabwe) with over 14 years’ experience in public practice. Happiness joined the Edgars ...
1 July 2021 The Group’s Historical ZWL YTD turnover to May 2021 increased by 450% compared to last year. Profit after tax as a percentage of turnover is down from 18.2% compared to May 2020 as affected by 7 weeks trading lost in January and February due to ...
10 June 2021 Notice is hereby given that the 72nd Annual General Meeting of members will be held virtually at https://escrowagm.com/eagmZim/Login.aspx on Wednesday 30 June 2021 at 08:45 hours. Following is the Agenda for the meeting:-
Ordinary Business
To approve minutes of the 71st Annual General Meeting held on 16th ...
2 June 2021 Directors responsibility for the Integrated Annual Report
The directors of the company are responsible for the maintenance of adequate accounting records and the preparation and integrity of the annual financial statements and sustainability report in accordance with the Zimbabwe Stock Exchange (ZSE) requirements, International Financial Reporting ...
26 May 2021 The company presents its business update for the first quarter of the financial year 2021.
Trading Environment
Trading for this quarter was significantly affected by the Covid-19 lockdown as physical stores were closed for more than 7 weeks of the 13 weeks in the quarter. Online stores ...
5 May 2021 The Board wishes to advise its stakeholders that following unanticipated delays in the finalization of the audit, Edgars Stores Limited “Edgars” has sought and obtained approval from the Zimbabwe Stock Exchange (ZSE) to defer publication of the financial statements for the year ended 10 January ...
24 February 2021 The Edgars Stores Limited Board of Directors wishes to announce the following changes to its composition:
NON EXECUTIVE DIRECTORS
Retirement: Dr Leonard Ladislas Tsumba - (PhD)
Dr Tsumba has retired from the Board effective 3 December 2020. He was appointed to the Board in 2006 and was a ...
24 February 2021 The company presents its business update for fourth quarter ended 10 January 2021.
Trading Environment
The company recorded revenue growth across all business units during the quarter, particularly in December. The availability of merchandise, improved civil servants salaries, year-end bonuses and an enhanced credit offering to customers ...
20 November 2020 The company presents the business update for third quarter ended 4 October 2020.
Trading Environment
The macroeconomic operating environment improved this quarter as characterised by exchange rate stability and slowing in ation. As a result the company cautiously extended more credit to customers thereby increasing the number of ...
15 October 2020 Introduction
I am pleased to present the Edgars Stores Limited Group financial results for the 52 weeks ended 5 January 2020. The commentary on the financials is based on the inflation adjusted numbers. The historical numbers are shown as supplementary information as they have not been ...
9 October 2020 Group Chairman’s Statement
The statement is prepared on the basis of inflation adjusted numbers.
Business Overview
Material disruptions stemming from COVID-19 had a significant impact on the group’s performance, most significantly in April and May due to enforced lockdowns.Since then sales have been steadily recovering. Units sold to ...
9 October 2020 The Board wishes to advise its stakeholders that 5 493 162 new ordinary shares, being 2% of the 274,658,112 Rights Offer Shares, will be issued from the 95 752 219 ordinary shares of the balance of the authorised but unissued ordinary shares of the Company ...
9 October 2020 The following are the results of the Edgars Stores Limited Rights Offer which closed on 21 August 2020.
Number of Rights Offer shares
274 658 112
Ordinary Rights Offer Shares subscribed
144 291 331
Percentage Subscription
53%
Percentage taken by the Underwriter
47%
Ordinary Shares issued to the Underwriter
130 366 781
The shares were issued ...
25 August 2020 The company presents the business update for second quarter ended 5 July 2020.
Trading Environment
The conditions carried over from the first quarter remain largely unchanged as impacted by an unstable macro-economic environment exacerbated by the effects of Covid-19. Sales were trending upwards since lockdown relaxation but ...
14 August 2020 The Board wishes to advise its stakeholders that following the unanticipated delays in the reopening of the Zimbabwean Stock Exchange (“ZSE”), Edgars Stores Limited “Edgars” has decided to further extend the Rights Offer Period. The following new deadline dates and time will apply:
Dealing and splitting ...
7 August 2020 The Board wishes to advise its stakeholders that following the unanticipated delays in the reopening of the Zimbabwean Stock Exchange (“ZSE”), Edgars Stores Limited “Edgars” has decided to further extend the Rights Offer Period by an additional one (1) week. Resultantly the Rights Offer closure ...
20 July 2020 The Board wishes to advise its stakeholders that following the closure of the Zimbabwean Stock Exchange (“ZSE”), Edgars Stores Limited “Edgars” has decided to extend the Rights Offer Period by an additional three (3) weeks and resultantly the Rights Offer closure date has been revised ...
15 July 2020 The Board of Directors of Edgars Stores Limited is pleased to announce the appointment of
Ms TJELUDO NDLOVU
as the Group Chief Executive Officer
with effect from 1 July 2020.
Tjeludo is a career woman who holds among others, the Chartered Accountant (Zimbabwe) qualification. She joined the Edgars Group ...
30 June 2020 Announcement of the results of voting at the Extraordinary General Meeting of shareholders of Edgars Stores Limited held at 12:00 AM on 16 June 2020 regarding the proposed Renounceable Rights Offer of 274,745,630 ordinary shares of a nominal value of ZWL$0.01 each, at a Rights ...
2 June 2020 Notice is hereby given that the 71st Annual General Meeting of members will be held at Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/ Jason Moyo Street, Bulawayo, on 16 June 2020 at 10.00 hours. Shareholders are advised that in light of the current ...
26 May 2020 NOTICE IS HEREBY GIVEN THAT an Extraordinary General Meeting (“EGM”) of the Members of Edgars Stores Limited (“Edgars ” or “the Company”) will be held at LAPF 1st Floor, Corner 8th Avenue and Jason Moyo Street in Bulawayo on Tuesday, 16 June at 1200 hours ...
26 May 2020 [Excerpts from the Circular]
THE PROPOSED TRANSACTION
The Board is proposing a Renounceable Rights Offer to recapitalize Edgars by way of a rights offer of 274,745,630 (Two hundred and seventy- four million, seven hundred and forty five thousand, six hundred and thirty) ordinary shares of a nominal ...
19 May 2020 Financial Reporting in Hyper Inflationary Economies - IAS 29
We are operating in a hyper inflationary environment and the entity will continue reporting in compliance with IAS 29. However, for this trading update, the Group reported based on historical cost.
Group Performance
The Group has not been spared ...