Merchandise sales rose by a fifth in the group’s six months to end-September, allowing the retailer to increase its dividend by almost a half
Furniture and appliance retailer Lewis Group says high levels of inventory are helping to offset global supply-chain challenges, with merchandise sales rising by more than a fifth in its first half to end-September.
Merchandise sales increased by 20.7% to R2bn to end-September, while operating profit rose 23.3% to R341m, with collections improving, despite pressure on consumers. Civil unrest and Covid-19 affected stores, while the group also warned that high unemployment, rising interest rates, and high electricity and fuel costs would weigh on its core target market.
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