EDGARS Stores says it closed the period 26 weeks ended July 9, 2023 with revenue, in historical cost terms, of $39 billion which is 22,43 percent down from that achieved in 2022 of $51 billion. Profit before tax of $4 billion was a decrease of 70 percent from the prior period of $14 billion.
“The current year performance is attributed to the introduction of USD credit in July 2022, replacement cost-based pricing, inflationary stock holding gains, realignment of cost structures as well as initiatives implemented by management to ensure fresher stock availability in our stores, regardless of the supply chain challenges,” Edgars chairman Thembinkosi Sibanda said in a statement accompanying the update.
“The significant exchange rate depreciation in April and May had the impact of wiping out consumer disposable income and consequently demand. The group achieved a basic earnings loss per share of 268 cents, (2022: 1 040 cents). Total Group units sold decreased by 14,8 percent from 1,28 million to 1,09 million compared to the same period last year.”