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Johannesburg - Retailer Edcon, which delisted from the JSE in 2007, said on Thursday that gross profit for the nine months ended January 1 increased by 2.5% following conservative management of seasonal markdowns and input price inflation.
Edcon said adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) was up 8.6% to R2.663m, while comparable sales went up by 6% and total sales for the period under review rose by 7%.
"This growth was impacted by tight credit granting policies which commenced at Edcon during 2009," it said.
Cash sales performance was up 10.8% in the nine months with encouraging results in ladies contemporary, menswear and cellular.
However, seasonal markdowns had increased in the third quarter.
"The turnaround that we commenced towards the end of last year continues to deliver improvements with an ongoing focus on cash generation and improving margins," said Edcon CEO Steve Ross.
Retail sales for the group increased by 6.4% in the quarter to January 1, with comparable store sales up 5.4%.
Sales in the Edgars chain rose by 8.6%, driven by strong performance from ladieswear, menswear and cellular.
Edcon said adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) was up 8.6% to R2.663m, while comparable sales went up by 6% and total sales for the period under review rose by 7%.
"This growth was impacted by tight credit granting policies which commenced at Edcon during 2009," it said.
Cash sales performance was up 10.8% in the nine months with encouraging results in ladies contemporary, menswear and cellular.
However, seasonal markdowns had increased in the third quarter.
"The turnaround that we commenced towards the end of last year continues to deliver improvements with an ongoing focus on cash generation and improving margins," said Edcon CEO Steve Ross.
Retail sales for the group increased by 6.4% in the quarter to January 1, with comparable store sales up 5.4%.
Sales in the Edgars chain rose by 8.6%, driven by strong performance from ladieswear, menswear and cellular.
