Sri Lanka’s internationally-acknowledged fashion retailer ODEL has posted strong net profit growth in the six months ending 30 September 2011, the company said.
ODEL PLC and its subsidiaries reported profit after tax of Rs 122 million, an improvement of 21 % over the first half of the previous year.
Group turnover grew 13 % to Rs 1.732 billion, bolstered by the consolidation of revenue from new stores in Kiribathgoda (March 2011), Kandy (May 2011) and Wattala, which opened in September, four days before the end of the review period.
The group now comprises of 16 stores and three more are expected to be opened in the next Quarter (Q3) of the current financial year, the company said. In addition, the group intends to expand some of its existing stores during the second half of the current financial year.
ODEL founder and CEO Otara Gunewardene says that in addition to the sales from the new stores we have been able to leverage from more effective supply chain management and a reduction in shrinkage to improve margins, resulting in a 17 % Year on Year growth in Gross Profit.mproving infrastructure and knowledge capital during the period under review, which will benefit and support the growth of the business in the months ahead.” |
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