In a statement accompanying the group’s financial results, Edgars chairperson, Thembinkosi Sibanda, said despite the Express chain having faced stiff competition from both formal and informal traders, it achieved growth of 26,2%.
“While this growth is modest against the results in the credit chain, it was well above inflation and GDP (gross domestic product) growth, indicating a slight improvement in market share,” he said.
Sibanda said improvement in productivity in the manufacturing unit had been slow, but steady with a 33, 5% improvement from last year.
“Measures taken are now starting to take effect and the second-half should produce a profit, though it will not erase the first-half losses,” he said.
Edgars recorded a 94% increase in retail sales for the year ended July 2011 to $19,6 million from $10,1 million last year same period. The firm’s trading profit grew 1 028% to $2,3 million in the first six months of the year.
Post published in: Business