Leading clothing retailer, Edgars Stores Limited recorded a stronger second half sales as a result of the political developments that led to the ouster of former President Robert Mugabe as renewed hope for economic revival pushed consumer spending to new levels.
According to the group financial results for year ended 7 January 2018, improvements in merchandise assortments among other factors also boosted the group sales.
“Improvements in merchandise assortments, customer service, promotions, revamps and the new dispensation together with utilization of excess RTGS balances resulted in improved consumer confidence which contributed to a stronger second half sales.
“Sales of merchandise for the year at $62.9 million were 25% above $50.3 million recorded in 2016,group margins were maintained at 43%.
“Credit management and debt collection costs continued to be well controlled and resulted in savings of $3 million, other Operating income and expenses were impacted by increases in software and computer,bonus payments and a reduction in commission and other income.
“The decrease in financial income is due to the reduced debtors book and arrears levels,” reads the report.
Meanwhile the group declared a final dividend of US0.33 cents per share payable in respect of all ordinary shares of the company.
The final dividend is in respect of the financial year ended 7 January 2018 and will be payable in full to all the shareholders of the company registered at close of business on the 27th of April.
