May 25, 2011 (LBO) – Sri Lankan fashion retailer Odel said March 2011 quarter group net profit rose 29 percent to 33 million rupees from a year ago with sales growing as it expanded its network of stores. Sales for the quarter rose 22 percent to 817 million rupees from a year ago. Earnings per share rose to 23 cents compared with 18 cents the year before.
Odel’s net profit for the year to March 2011 rose 48 percent to 209 million rupees from a year ago with annual sales up 37 percent to 3.3 billion rupees, a stock exchange filing said.
Earnings per share for the year were 1.49 rupees compared with 1.01 rupees the previous year.
A company statement said it focused on expansion during the year.
Since its listing in July 2010, Odel has opened three new standalone stores in the towns of Battaramulla and Kiribathgoda and in Kandy in the central hills.
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 chief executive Otara Gunewardene said.
Odel currently operates 15 stores in Sri L