The Edgars Stores have warned prospective job seekers to dismiss all job vacancies on social media. In a notice the group said,
<blockquote>PUBLIC NOTICE FRAUDULENT JOB VACANCIES
Edgars Stores Limited would like to advise the public that the Group and its Divisions (Edgars, Jet, Carousel) and subsidiary (Club Plus) do not advertise job vacancies on social media platforms. We note with concern a false vacancy advert for Jet Stores currently circulating on different online platforms and wish to advise the public that the advert is not official.</blockquote>

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Edgars Warns Job Seekers Of Fraudulent Job Vacancies

Edgars  Stores Limited announced on Monday that they will issue out additional 9.24 percent  shares to its emloyees so that it meets Zimbabwe’s indigenisation law requirements. The proposal will be considered on June 7 at an Edgars shareholders annual general meeting to be held in Bulawayo. The proposal reads:
<blockquote>The Directors be and are hereby authorized to do all that is necessary to make available to Edgars Stores Limited’s Employee Share Ownership Trust 25 450 000 (Twenty Five Million Four Hundred and Fifty Thousand) ordinary shares equivalent to 9.24% of the total issued share capital of the company which shareholding shall result in the company meeting the 51% Indigenization threshold.</blockquote>
South Africa’s Edcon Limited has 38 percent shareholding in Edgars while Zimbabwean firms, pension funds and insurers own a combined 45 percent. Zimbabwe’s indigenisation law requires foreign-owned firms to transfer majority stakes to locals.
More: <a href="http://source.co.zw/2017/05/edgars-give-shares-workers-indigenisation-deal/">Source</a>

Edgars to give additional shares to workers to meet indigenisation requirements

Edgars Stores Limited saw its profit decreasing to $500 000 in 2016 from last year’s $4,5 million after the group undertook its first retrenchment exercise in 70 years.
Speaking to analysts in Harare yesterday, group managing director Linda Masterson revealed that the retrenchment exercise cost $2,5 million. She said that retail sales were down by 19,2%. Cash sales and credit sales were down by 12% and 22,3% respectively. Credit sales constituted more than half at 68,4% with cash sales accounting for 31,6%.
 
Borrowings at year-end were $11,25 million down from $18 million. Edgars projects a 5% growth in turnover with profit after tax expected to rise by 400%. Retail sales for the Edgars chain decreased by 24,6% on 2015 figures. Jet chain sales decreased by 7,6%. Carousel recorded a 28,7% decrease in sales. Masterson said they were facing product sourcing challenges due to foreign currency shortages and also lost sales in the transition period from the old system to the new one.
More: <a href="https://www.newsday.co.zw/2017/03/23/edgars-profit-retrenchment-exercise/">NewsDay</a>

Edgars records decrease in profits after retrenching

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:
<blockquote>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</blockquote>
More: <a href="http://source.co.zw/2017/03/edgars-fy-profit-plummets-90pct/">Source</a>

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