Lewis’s third-quarter revenue declines in tough conditions
The Lewis Group, of which Lewis Stores is a subsidiary, reported a drop in revenue for the third quarter, and nine months ended 2016. Lewis Stores has 444 stores of varying sizes in SA and a further 47 in Botswana, Swaziland, Namibia and Lesotho. The Lewis group acquired 61 Beares stores in 2014 to reach the higher-income market in which it had little coverage. It now has 67 Beares stores. Monarch insurance, a subsidiary of the Lewis Group that services its credit sales, was responsible for up to 67% of total sales for the group in 2015. The drop in revenue has continued from the figure reported for the six months to end-September 2016. This decline in performance follows an unfavourable judgment by the National Consumer Tribunal against Lewis Stores and Monarch Insurance on September 14. The judgment followed complaints against the subsidiaries by the National Credit Regulator, in which the regulator claimed that Lewis violated the National Credit Act by offering loss-of-employment...
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