Lewis shares rocket after quarterly trading update
The stock surges almost 18% after a strong trading update that indicated the worst was behind the furniture retailer
Lewis’s share price surged almost 18% after a strong trading update that indicated the worst was behind the furniture retailer as it boosted sales and improved debt collection. The share price of Lewis, which reported a “satisfactory” increase in sales for the third quarter and nine months ended December 2017, closed 17.7% higher at R28.60, continuing the growth trajectory it began in December 2017 after a year of steady declines. Lewis was down 37% at the end of 2017 and has climbed 8.17% so far in 2018. Equity analyst at Vele Asset Managers Matthew Zunckel said the Lewis stock was sitting on a cheap multiple “so there is potential for the share price to improve considerably”. The South African-based Lewis Group houses the Lewis furniture store chain, Best Home and Electric, as well as Beares. It operates in a number of countries in Southern Africa, including Botswana, Lesotho, Namibia and Swaziland, and sells mostly to lower-income consumers on in-store credit. It reported a margi...
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