HARARE- Edgars stores, a ZSE listed clothing retail operator, has announced the retirement of Chief Finance Officer James Galloway, simultaneously picking his replacement.
James Galloway who is a chartered accountant has held the post of CFO since 2012. Before joining Edgars, Galloway was a partner at Ernst and Young and later a Finance Director with Falcon Gold, a listed gold miner currently under suspension.
As Edgars CFO, Galloway was responsible for Finance, Treasury, IT, Security, Company Secretary as well as Investor Relations.
The Bulawayo headquartered Edgars operates the Edgars chain as well as the Jet Chain in Zimbabwe. Earlier this year the company’s shareholders acquired exclusively rights to the brands from SA parent Edcorn.
In the latest financial period Edgars chain stores which is the premium brand contributed 57% to total turnover while Jet’s contribution came in at 39% as the duo drove the topline by 22%.
Year on year sales revenue at Jet grew by 27% while that of Edgars rose by 16%. The topline growth was driven by a 10.6% growth in volumes as well as price adjustments commensurate to inflation.
Meanwhile parent Edcorn is in the process of disposing its majority stake in Edgars. Edcorn operates apparel retail chains in South Africa and has been serious financial woes mainly centred around gearing and solvency. In recent months the company got a new capital injection accompanied by a new shareholder.
The company took a strategic move to dispose some its chain stores and likewise a decision to offload the Zimbabwe investment followed. Its Zimbabwe investment recently increased as the local unit converted its due debt to the parent into equity before the decision to trim Zimbabwe was taken.
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