‘Edgars to meet year-end target’

ZIMBABWE Stock Exchange-listed Edgars Stores Limited is on course to achieve a turnover of above US$65 million by year end following a 4,8% increase in sales units during the first four months of the year, the company’s managing director Linda Masterson said at an annual general meeting in Bulawayo yesterday.

Report by Gamma Mudarikiri(NEWSDAY)

Masterson said by April this year, unit sales grew 4,8% above budget while retail sales jumped 13% up compared to the same period last year although the figure is the projected target.

The increase in sales was helped by a 2,5% increase in the number of accounts to 186 029 from the December last year figure of 181 029, while the debtors book marginally improved a percentage up to 77,5% in the period.

Masterson, however, said active accounts decreased to 73,7% compared to 78,9% recorded in the comparative period the previous year attributed to the fact that most customers were heavily indebted.

“Active accounts percentages are decreasing,” said Masterson. “This is because Zimbabweans have become much more indebted and may have incurred losses through failed pyramid scheme investments,” she added.

She, however, said operating profit was way above target although she could not give the actual figures, saying it was still too early to divulge such information.
Gross margins, however, decreased to 45,2% against a budget of 46,1% partly due to mark down action.

Masterson said the company has repaid all short-term debt and is servicing the medium term ones which resulted in finance cost declining by 41,4% from the period compared.

Masterson said the Edgars chain stocks were well balanced, while Jet was, however, slightly overstocked by 12 weeks by end of June.


(Visited 5 times, 1 visits today)

More in Business

Telecel subscribers to access Facebook young zimbabwe

Telecel shareholders agree to resolve shareholding dispute

Young Zimbabwe PromotionsMarch 2, 2015

Zimra Overwhelmed By Tax Amnesty Responses

Young Zimbabwe PromotionsMarch 2, 2015

Australia, Zimbabwe business council launched

Ryan MupfudzeFebruary 27, 2015
Metallon Gold - Zimbabwe Operations

Metallon sees earnings doubling to $22mln in FY15

Ryan MupfudzeFebruary 27, 2015

Comedian Ncube takes over Kadoma hotel

Ryan MupfudzeFebruary 26, 2015

Govt, World Bank to identify Zim Reconstruction Fund projects

Ryan MupfudzeFebruary 26, 2015

Zimbabwean rises at Canadian firm

Ryan MupfudzeFebruary 25, 2015

Mall of Zimbabwe in the clear

Ryan MupfudzeFebruary 24, 2015

BAT Zim posts $13m profit

Ryan MupfudzeFebruary 23, 2015