- Edgars has announced a delay in the publication of its audited results for FY2023, which were originally scheduled for release on April 7, 2024
- The delay is attributed to the need to finalize audit review processes as the company concludes its financials for FY2023 and resolves change in functional and reporting currency matters as it transitions to USD reporting
- Edgars Stores Limited has obtained approval from the Zimbabwe Stock Exchange (ZSE) to defer the publication of the 2023 financial statements
Harare- Edgars Stores Limited, the largest clothing retailer, has announced a delay in the publication of its audited results for the 52-week period ended 7 January 2024, as stated in the company's latest circular.
Initially scheduled for release on April 7, 2024, the delay is attributed to the need for finalizing the audit review processes as the company concludes its FY2023 financials.
In compliance with section 39(1) of the Securities and Exchange regulations, which stipulates that ZSE-listed companies must publish their audited financial statements within three months after the respective financial year's end, Edgars Stores Limited sought and obtained approval from the Zimbabwe Stock Exchange (ZSE) to defer the publication of the 2023 financial statements until May 7, 2024.
Failure to comply with this requirement could result in penalties, including fines and suspension.
Among the factors contributing to the delay are the necessary adjustments related to changes in functional and reporting currency as the company transitions to USD reporting.
"Stakeholders should be aware that the financial statements for 2023 will be the final set published in Zimbabwean dollars (ZWL),” said the group.
Starting from the 2024 financial year, the Group will adopt USD as the reporting currency, aligning with the migration to the Victoria Falls Stock Exchange (VFEX).
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