Edgars performed well in Southern region

Managing Director, Linda Masterson told journalists and analysts that Jet increased from 14 percent recorded in the prior period to 17 percent for the 52 weeks ended 5 January 2013. Edgars’ contribution decreased from 81 percent to 76 percent whilst Carousel’s went up from 5 percent to 7 percent

Looking at the turnover split, Masterson indicated that credit sales went down from 76 percent in 2011 to 73 percent in 2012.

“But as a percentage Edgars credit sales went up from 87 percent the previous year to 92 percent in 2012,” she said

On cash sales, Jet cash sales went up to 19 percent from 11 percent whilst Edgars cash sales went down to 8 percent from 13 percent.

Masterson said both Jet and Edgars performed well in the Southern region of the country and that there is “a lot that needs to be done in the Northern region since there is a growth opportunity in that region.”

In merchandise procurement Masterson said the company would always support local industry.

She said group purchases more than 60 percent of its products from local suppliers.

On Carousel, the group has introduced a new range of “interesting” men’s casual wear which customers will be seeing in the stores “going forward but the full range will only be available in the second half.”

She also noted that the group is the “biggest cellphone seller in the country by far.”

Masterson said this year the group was targeting a 46 percent gross margin, turnover of between US$65million- US$67million, trading profit above 15 percent of turnover, finance costs below 2,5 percent of turnover and profit after tax between US$4,4 million-US$4,7 million.