Retail group Edgars Consolidated Stores (Edcon) on Wednesday reported a 25 percent increase in sales, thanks to buoyant consumer spending on the back of low interest rates and real wage growth.

Speaking at the group's annual general meeting, Edcon CE Steve Ross said the group "continued to record exceptional sales growth" in the first quarter.

Total sales exceeded targets compared to last year, he said.

Sales at Edgars and Boardmans rose 19 percent, while CNA sales climbed 27 percent, Jet sales were up 31 percent and Jet Mart revenue surged 85 percent.

The group also said shareholders could expect "another meaningful rise in earnings, above that of sales growth" in the coming year.

Shares rallied 3.67 percent to end at 307.85 rand on the JSE on Wednesday.

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