Implemented by management to ensure fresher stock availability in our stores, regardless of the supply chain challenges. The growth terms were also attributed to volume recovery, replacement cost based pricing, ongoing cost management practice as well as initiatives The benchmark interest rate was last raised to 80 per cent in April from a previous 60 per cent. Zimbabwe already suffers from sanctions that have exacerbated the pre-existing economic crisis. The group’s profitability before tax reached ZW$285 billion which was 891% up from ZW$287million achieved in the prior year. Zimbabwe’s Central Bank said the increase in its policy rate to 200 per cent from 80 per cent will take effect from July 1. “Some measure of macro-economic stability is being noticed following the relaxation of the use of the foreign currency for domestic transactions as well as other various measures which, if successful, will help stabilise the foreign exchange market and start to tame inflation,” said Sibanda.
Going forward, Sibanda said smart merchandise procurement remains a key focus area to ensure that investment in inventory is kept at optimal levels in order to improve stock turns without compromising merchandise quality and sales volumes. “The recovery to the business is premised on the back of improved access to foreign currency through domestic sales to cover import requirements, a stable exchange rate and slower inflation,” he said. Having seen the group realising revenue of ZW$10,33billion which is 114% up from that achieved in 2021 of ZW$4,82billion, Edgars Stores Limited chairman, Thembinkosi Sibanda hailed the obtaining stable exchange rates.
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