Edgars' net profit drops from $4,57 million to $548 000
A sharp decline in sales resulted in clothing retailer Edgars’s net profit plummeting from $4, 57 million to $548 000. Sales dropped by 19 percent while net profit dropped by a massive 90 percent.
Sales dropped to $50,3 million for the year to January 8, 2017, down from $62,3 million last year as a result of depressed consumer demand. The group’s manufacturing division also made a loss of $400 000 because of reduced demand from the retail operations.
In a statement Edgars Chairman Themba Sibanda also decried the shortage of foreign currency, saying:
In addition, production is being affected by the limited allocation of foreign currency to the productive sector and efforts to secure export orders are continuing
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