Business Times

ODEL shows strong 9-month growth, turnover up 42%

ODEL, Sri Lanka’s public quoted fashion retailer, has seen ‘consistent growth in sales across the chain and the expected seasonal spike in December 2010 have combined to generate robust nine-month fiscal results,’ the group said this week.

In results sent to the Colombo Stock Exchange and shareholders, the group said pre-tax profit grew to Rs 287 million for the nine months ending 31st December 2010, up 61 % over the corresponding period of last year.

Post-tax profit was Rs 176 million, up 43 % YoY, while turnover was up 42 % to Rs 2.49 billion.“The nine months reviewed encompasses two quarters as a public listed company, consequent to ODEL’s milestone initial public offer of July 2010,” it said. Pre and post tax profits for the three months ending 31st December 2010, traditionally one of the strongest quarters on account of the festive season, reflected increases of 56 % and 35 %,respectively over the third quarter of 2009-10.

Commenting on these figures, ODEL founder and CEO Otara Gunewardene said: “The ODEL formula of being at the leading edge of fashion, combined with the unique shopping experience we provide, continues to underpin growth. We are confident of seeing this positive trend continue with the increase in tourism and planned development of the country.” Two new ODEL stores expected to come on line before 31st March 2011 will take the ODEL store network in Sri Lanka to 15..

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