Strong sales lift Lewis earnings
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.
First interest rate hike predicted
22/11/2013 - 08:36
Johannesburg - The first interest rate hiking by the South African Reserve Bank (Sarb) will most likely only be in 2015, according to John Loos, FNB's household and property sector strategist.
Consumers spark retailer price war
27/09/2013 - 11:46
Cape Town - With consumers buckling under rising food, fuel and electricity prices, the gloves have come off as supermarkets go to war for their share of an already tough market.
Shoprite misses sales target
17/07/2013 - 08:59
Johannesburg - Africa's biggest grocer Shoprite [JSE:SHP] Holdings missed estimates with a 12.1% rise in full-year sales, reflecting a slowdown in spending that sent its shares sharply down on the Johannesburg bourse on Tuesday.
Young consumers now drive Kenya’s economic growth
10/05/2013 - 10:09
A new report shows consumers are taking charge of Africa’s economic growth, with an increasing number of urban Africans spending a large share of their disposable income on groceries and clothing.
JD Group: Consumer spend to stay weak
25/02/2013 - 08:24
Johannesburg - JD Group, a South African furniture retailer and financial services provider, said high unemployment and an oversupply of unsecured lending is causing consumers to spend less on durable goods.