Lewis interim earnings up nearly 19% despite tough trading environment
JOHANNESBURG – South African furniture brand Lewis on Wednesday reported an 18.9 percent increase in headline earnings per share to 215 cents in the six months to September as the retailer delivered solid revenue growth, improved margins, reduced debtor costs and increased profitability despite a deteriorating trading environment.
The group increased its interim dividend by 14.3 percent to 120 cents and chief executive officer Johan Enslin said its strategy of diversifying across market segments and retail channels continued to gain traction.
Merchandise sales grew by 6.4 percent to R1.7 billion, with furniture outlet UFO sales up 8.8 percent while traditional brands Lewis, Best Home and Electric and Beares increased sales by 3.7 percent.
INspire, the omni-channel home shopping retailer launched in 2018, generated sales of R35.7 million for the six month period.
The credit health of the group’s customer base continued to improve despite a weak consumer credit environment, Enslin said.
Source: iol.co.za
