Edgars revenue tumbles 43%

ZIMBABWE Stock Exchange-listed clothing concern, Edgars’ revenue dipped 43% in the second quarter ended July 5, 2020 compared to the same period last year, after the COVID-19-induced lockdown weighed down on its business.

The company’s chief executive Tjeludo Ndlovu in a trading update for the quarter said group performance waned following the closure of business in April after authorities imposed a national lockdown to contain the spread of COVID-19.

“Year to date turnover for the trading period to 5 July 2020 declined 43% compared to the same period last year in hyperinflation adjusted terms, affected mainly by the COVID-19-induced lockdown which saw all stores closed in April.

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