Lewis Group is the only listed furniture retailer after the delisting of Ellerines and JD Group in recent years. I exclude Steinhoff from this description, as its retail furniture interests have been carved up since the accounting and fraud scandal.

At this point in the economic cycle, with interest rates historically very high and destined to go even higher, discretionary retailers such as Lewis really  should be struggling. But it’s not. Or at least it’s still managing to maintain earnings and dividends...

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