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Lewis expects up to 45% drop in profit in last 6 months

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Cape Town – The National Credit Regulator's (NCR) affordability assessment guidelines and tough economic times have resulted in retailer Lewis’s profit dropping by up to 45% in half-year trading, it said on Friday.

The group said in a statement that it expects its headline earnings per share (Heps) – South Africa’s gauge for profit – to be between 35% and 45% lower compared to the corresponding period for the six months ending September 2016.

“The performance … reflects the challenging economic and consumer environment in which the business is trading and how these conditions have impacted the group's lower to middle income target customers.

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