Booming consumer confidence, buoyed by tax cuts announced in the budget earlier this year will continue to drive Edgars Consolidated Group (Edcon), the group said on Wednesday.

According to Edcon, diluted earnings per share grew by 22 percent to 287 cents for the year to April 2006.

The group also reported a dividend increase of 20 percent to 162 cents per share, while attributable earnings came to R1.5-billion for the year, indicating a 30 percent hike in earnings growth.

According to Edcon CEO Steve Ross, the group increased its active account base by some 600 000 customers, "breaking through the four million mark for the first time".

The group also opened 175 new stores, and says it will benefit from the increase to its average trading space of 11 percent for the year.

“Our business, supported by world class systems and operating procedures, new stores, innovative financial services products and the happiest employees in retail, gained market share once again over this period, demonstrating that our performance, although buoyed by the favourable economic environment, was ahead of the overall market,” he said.

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