Lewis Group reports 30.8% drop in annual earnings

South African furniture and appliance retailer, Lewis Group Ltd reported a 30.8% drop in annual earnings on Tuesday, as the Covid-19 pandemic hit its last month of trading and increased impairments.

The retailer said its headline earnings per share, the main profit gauge used in South Africa that strips out some one-off items, fell to 260.2 cents in the year to March 31 from 376.2 cents a year earlier.

Despite the effects of the pandemic, the company declared a final dividend of 65 cents per share for the year, taking the total dividend to 185 cents, 20.9% lower than the prior year.