LEW - Lewis Group Limited - Results of AGM and statement by chief executive

LEW - Lewis Group Limited - Results of AGM and statement by chief executive     
officer                                                                         
Lewis Group Limited                                                             
Incorporated in the Republic of South Africa)                                   
Registration number: 2004/009817/06)                                            
JSE share code LEW                                                              
ISIN:  ZAE000058236                                                             
("Lewis" or "the company")                                                      
1.   APPROVAL OF RESOLUTIONS                                                    
    At the Annual General Meeting of the Lewis Group shareholders held on       
    Friday 14 August 2009, all the ordinary resolutions contained in the notice 
of the meeting dated 18 May 2009 were passed with the requisite majorities. 
2.   STATEMENT BY CHIEF EXECUTIVE OFFICER                                       
    The following statement was made by the Chief Executive Officer, Alan Smart 
    at the Annual General Meeting:                                              
Revenue                                                                     
    Revenue for the four months ended July 2009 increased by 6.8% compared to   
    the same period last year.                                                  
    Trading conditions remain tight but the steadily improving sales trend      
reported with the group`s 2009 financial results in May has continued, with 
    the introduction of new product ranges, store promotions and customer       
    retention strategies producing encouraging results.                         
    Debtors Book                                                                
Collections remain a challenge, with slow paying accounts requiring an      
    additional impairment charge.  Debtor costs (bad debts and impairment       
    provision) for the first quarter to 30 June 2009, are as follows:           
    Debtor Costs                                                                
Quarter        Quarter        Quarter        Quarter         

                   June 2009      June 2008      June 2008      June 2007       
                   87m            63m            63m            48m             
    Increase            R24m                          R15m                      
Impairment Provision (Doubtful Debts)                                       
    The impairment provision as a percentage of net debtors as at 30 June 2009  
    is as follows:                                                              
         Quarter        Year                Quarter        Year                 
June 2009      March 2009          June 2008      March 2008           
         16.9%          15.7%               14.4%          13.5%                
    Analysis of customer unemployment                                           
    Retrenchment remains a risk to the retail sector.  However, an analysis of  
the unemployment levels of the group`s debtor base of approximately         
    700 000 customers indicates that only 2.8% of customers are currently       
    unemployed.                                                                 
    Many of these customers who are unemployed or working short time continue   
to pay installments although at a slower rate than required in terms of     
    their contracts.                                                            
    The outstanding balances of these unemployed and slow paying customers have 
    been impaired based on their payment history relative to their contractual  
obligations.                                                                
    The above information has not been reviewed or reported on by the company`s 
    auditors.                                                                   
Cape Town                                                                       
14 August 2009                                                                  
Sponsor: UBS South Africa (Pty) Ltd                                             
Date: 14/08/2009 11:03:08 Supplied by www.sharenet.co.za                     
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