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LEW01 - Trading update for the third quarter and nine months ended 31 December 2015
Lewis Group Limited
Incorporated in the Republic of South Africa
Registration number: 2004/009817/06
Bond code: LEW01
ISIN: ZAG000110222
(“the group”)
TRADING UPDATE FOR THE THIRD QUARTER AND NINE MONTHS ENDED DECEMBER 2015
Trading conditions for the nine month period ended 31 December 2015 remained extremely
challenging, with weak consumer demand, constrained employment, the drought in the agricultural
sector and difficulties in the mining sector affecting sales.
Trading has been significantly impacted by the implementation of the National Credit Regulator’s
affordability assessment regulations requiring customers to present their three latest pay advices or
bank statements as part of the credit application process. This has proved challenging for consumers
in the group’s lower to middle income target market and impacted the performance for the third quarter
ended December 2015, with revenue increasing by 1.1% and merchandise sales being in line with the
prior year.
Revenue for the nine month period grew by 5.4% and merchandise sales by 4.7%.
The debt collection performance remains stable. Debtor costs for the nine months to end December
2015 increased by 16.5% on the corresponding period, in line with the increase reported at the half year
to September 2015.
Following the announcement of the acquisition of 62 Beares and Ellerines stores outside of South Africa
in November 2015, the 10 stores in Lesotho were seamlessly incorporated into the group during
December. Applications have been filed with the competition authorities in Namibia, Botswana and
Swaziland, and the group awaits competition approval.
The financial information in this trading update has not been reviewed or reported on by the group’s
independent auditor.
Cape Town
25 January 2016
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)
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