EDGARS releases the FY2010 abridged results

The Directors of Edgars Stores Limited are pleased to announce the release of the Group’s 2010 full year results for the 52 weeks ended 8 January 2011. Below are financial highlights and a brief extract from the Commentary section of the results.
Financial highlights

•     Revenue: US$ 36,071,500
•     Profit before tax: US$ 2,156,616
•     Total comprehensive income: US$ 1,508,437
•     Basic/Diluted earnings per share: USc 0.62
•     Net cash used in financing activities: US$ 11,039,868
•     Cash and cash equivalents at the end of the year: US$ 127,841
•     Total assets: US$ 26,243,618
•     Total capital and reserves: US$ 4,128,805

Commentary
A successful marketing program and enhanced product offering underpinned the consistently positive growth that continued from the first half. Credit retail was highly competitive and various initiatives that included an aggressive account drive and the introduction of high street brands led to a satisfactory performance.
Trading Performance

Edgars Chain was the growth vehicle with unit sales growing by 213.1 % on the back of strong credit expansion. Margins improved from 48% to 53%. Chain trading profit increased 1740% while expenses remained tightly controlled…

Credit Management

The quality of the credit book continued to improve. During the year, accounts grew by 186% from 38,773 to 111,199. The active book at year-end was 91%. The collection rate and all other key indicators remain satisfactory…

Appreciation

On behalf of me board I wish to congratulate the management and staff of Edgars for a sterling performance.

Outlook

Over the last year, cotton prices increased by 160% and wool prices rose by 44%. The focus going forward will be smart buying to minimize the impact on our customers. Growing market share, while managing costs and working capital, continues to be our key strategic focus.

To download the full year 2010 abridged results please click on the link below.

DEdgars-2010-Abridged-results.pdf