HomeBusiness DigestEdgars upbeat on interim results

Edgars upbeat on interim results

Shakeman Mugari

EDGARS Stores Ltd chairman John Mkushi says the company is poised for “pleasing” interim results as profits for this traditionally weaker half-year promise to exceed tota

l profit made last year.

Mkushi said profit should also exceed average inflation for the six-month period.

He said management was confident that the group would perform well during the forthcoming results.

In trade a update to shareholders Mkushi said Edgars would post good results despite a slow start to the year.

Edgars witnessed a slightly depressed first quarter owing to electricity and fuel shortages.

Mkushi said: “We opened the year slightly understocked and found it more difficult to rectify merchandise assortments after the traditional shutdown period. This was due to the myriad of problems by our suppliers especially in the area of fuel and electricity. As a result we started the year on a sluggish note for the group.”

March and April were also affected by the stayaway.

Mkushi said despite the unrest the group performance in May was “excellent”, particularly for the Edgars chain.

Another chain – Express Stores – performed above budget but was also slightly affected by the five-day stayaway.

The chairman said stock levels had been good since March.

“The factories are full and the fabrics in stock,” he said.

The company said although bad debt was higher than last year it was within budget and collections were strong.

The Edgars share traded at $80 on Wednesday.

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