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Lewis profit dives 40% as new credit rules hit sales

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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.

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