Strong sales lift Lewis earnings
FMCG SUPPLIER NEWS
Nov 22nd 2011, 07:51
Johannesburg - Furniture retailer Lewis Group [JSE:LEW] reported a 14% rise in first-half profit on Monday, boosted by higher sales which continue to show gradual growth.
Lewis, whose nearly 600 stores target the lower end of the market, said headline earnings per share totalled 378.7 cents in six months to end-September compared with 332.5c a year earlier.
Sales rose 6.7% to R2.3bn.
Lewis said sales and collections continue to show gradual improvement.
"While customers' disposable income is coming under renewed pressure from higher transport, electricity and other utility costs, the response to the launch of new and exclusive merchandise ranges during the latter part of October has been encouraging," it said.
The company declared an interim dividend of 172c per share, representing an increase of 10.3% from last year.
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