Credit ruling lifts Lewis sales
The furniture retailer benefits from high court decision and UFO acquisition
The uptick in sales at furniture retailer Lewis, which gained momentum in the second half of the financial year, is expected to continue into financial 2019. The group is increasing the footprint of recently acquired upmarket furniture chain UFO and is also benefiting from a recent high court ruling in favour of credit retailers. In March, the court ruled that National Credit Act regulations requiring the presentation of bank statements, payslips and financial statements before credit can be extended discriminated against consumers who were informally employed or self-employed and those without bank accounts. The regulation, which was introduced in 2015, combined with tough economic conditions represented a major setback to credit retailers. Lewis said the court’s favourable ruling will benefit the group’s credit sales. “Prospective creditworthy self-employed and informally employed customers who were not able to supply payslips or bank statements are no longer required to provide t...
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