for subscribers

Lewis profit dives 40% as new credit rules hit sales

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
(iStock)
(iStock)

Cape Town – Lewis [JSE:LEW] has reported a 39.6% decrease in headline earnings per share (Heps) in the six months to end-September, as low domestic growth and new credit rules hampered sales.

Headline earnings declined from R287m to R173m, with Heps 39.6% lower and earnings per share 41.4% down on the corresponding prior period, it said in a statement. Revenue fell 2% to R2.7bn.

“The challenging economic and consumer environment in the country, coupled with the ongoing impact of the National Credit Regulator's (NCR) affordability assessment regulations, has severely impacted the group's merchandise sales and in particular credit sales over the past six months,” it said.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
14.87
(+0.05)
ZAR/GBP
20.35
(-0.09)
ZAR/EUR
18.04
(-0.10)
ZAR/AUD
11.56
(-0.19)
ZAR/JPY
0.14
(-0.15)
Gold
1871.68
(+0.10)
Silver
25.90
(+0.36)
Platinum
1104.50
(+0.32)
Brent Crude
55.55
(+0.23)
Palladium
2383.50
(+0.40)
All Share
64108.51
(+0.79)
Top 40
58857.76
(+0.85)
Financial 15
11997.84
(-0.16)
Industrial 25
85626.27
(+0.66)
Resource 10
63102.03
(+1.34)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 692 votes
No, I did not.
52% - 1733 votes
My landlord refused
28% - 928 votes
Vote