Edgars targets $4,7m profit – Zimbabwe

Harare – Listed clothing retailer Edgars Stores Limited (Edgars) is targeting a 193 percent growth in profit to $4, 7 million in the 2014 financial year.

The group recorded a $1, 6 million profit in the half year to July.

During the six months, its performance was significantly affected by an acute liquidity crisis, sluggish economic growth, company closures and price- based competition in the cash market resulting in the company recording a turnover of $29,5 million, lower than projected. However, the group’s chair Themba Sibanda said they expected the trend to “change by year end as trading has picked up since April and the group expects to see positive bottom line growth for the year”.

He said they expected to register $70 million turnover in the full year on the back of anticipated increase in demand in the festive season.

In the 26 weeks to July, the clothing manufacturer opened two new stores — in Victoria Falls and downtown Harare — bringing the total number of Edgars branches to 28 from 24 in July 2013.