FURNITURE RETAILING
Lewis leaps as it plans to step up share buybacks
25 August 2020 - 23:42
Furniture retailer Lewis is backing itself to weather a Covid-hit economy, announcing a plan to buy back more shares even as it increased provision for non-payment of debt by customers who buy on credit.
The share price had its biggest jump since early June after Lewis said it would ask shareholders at its AGM in September for permission to purchase 10% of available share capital. In addition to a healthy cash position of about R500m, a 59% drop in share price in 2020 has made the stock attractive...
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