Edcon group of South Africa has announced results with retail sales down 6.7% to R25 343 million. The year included the sale of the Legit business, new ownership and debt restructuring. Pro-forma adjusted EBITDA was down 45% to R1 383 m. The Edgars department store sales were down 6.7% to R10 164 m. Gross profit margin was down to 41.2% due to a focus on competitive entry price points.

A new CEO has been appointed from next January 2018 to take over from Bernie Brookes when his contract ends. Grant Pattison will take the role of Chief Operating Officer from 5 June. Brookes, who joined Edcon in 2015, oversaw the easing of a crippling debt burden. Pattison's task will be to restore growth to the company.

see press release