ODEL PLC, Sri Lanka’s only public quoted fashion retailer while reporting increasing post-tax profits of Rs 208.9 million in 2010-11, this week said it planned a final dividend of Rs 0.25 per share for the year, taking the total dividend payout for the eight months since it was listed, to Rs 72.4 million.
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| A model at the fashion show at the launch of ODEL’s Kandy branch |
The company said group pre-tax profit recorded an 68 % increase to Rs 354.2 million over 2009-10, on turnover of Rs 3.3 billion, which was up 37 %. Net assets per share improved by 41.4 % to Rs 9.63 at company level and by 36 % to Rs 11.2 at Group level.
“Expansion justified by the post-conflict resurgence of Sri Lanka’s economy, and a desire to enable a segment of our followers to share in the evolution and growth of the ODEL brand were the principal reasons for going public,” ODEL founder and CEO Otara Gunewardene was quoted as saying in the statement. “We were greatly encouraged by the investor response and have focused our energies on building shareholder value and continuously improving our shopping experience.”
In January this year ODEL was conferred membership of the prestigious Intercontinental Group of Department Stores (IGDS), the largest association of department stores in the world, making it the only IGDS member in Sri Lanka. This membership places ODEL in the company of some of the leading and most prominent department stores in the world including Selfridges, Saks 5th Avenue, Printemps, Parkson, Beco, FEDS, Shopper’s Stop, M&S and Woolworths.
Meanwhile the fashion store opened its first store in Kandy on May 20 with hundreds of enthusiastic Kandy folk treated to a gala fashion show at the ‘roof top’ terrace of the mall where the store is located, the company said. Located on Level 3 of the popular mall, the store of 4,200 square feet was filled to capacity in seconds after CEO Ms Gunewardene and Thusitha Wijayasena, the owner of Kandy City Centre, cut the ceremonial ribbon to formally open the store. Seen here is a model at the fashion show.
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