Cape Town – Multi-brand furniture retailer Lewis Group today reported a strong second half performance for the year to March 2015 as the group gained market share in the changing competitive environment. Merchandise sales for the second half increased by 18%, compared to a decline of 3.5% for the first six months, driven by the…
Lewis Group, which last week announced the planned acquisition of Beares, continued to be impacted by the slowdown in the furniture retail sector in the six months to September 2014 with headline earnings declining 11.3%. Despite the lower earnings, the interim dividend has been maintained at 215 cents per share, as the board remain confident in…
Chief executive officer, Johan Enslin, said consumer spending remained under pressure from rising costs and high levels of indebtedness. “Our customers in the middle to lower income market have also been impacted by widespread labour unrest, retrenchments and high levels of unemployment. “The performance of our debtors’ book reflects the worsening credit climate and the…
