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Trading Update And Trading Statement For The Year Ended March 2017
Lewis Group Limited
Incorporated in the Republic of South Africa
Registration number 2004/009817/06
JSE share code: LEW ISIN: ZAE000058236
(“Lewis” or “the group”)
TRADING UPDATE AND TRADING STATEMENT FOR THE YEAR ENDED MARCH 2017
The performance for the 12 months ended 31 March 2017 (“the year”) reflects the challenging
economic and consumer environment in which the business is currently trading.
These conditions, together with the effect of the affordability assessment regulations, continue to
impact the group’s lower to middle income target market and consequently the group’s sales.
Merchandise sales for the year were 2.2% lower than last year with like-for-like merchandise sales
down 9.3%. Revenue declined by 3.3% mainly as a result of a 4.3% decline in other revenue.
The group’s gross profit margin continued to expand in line with management’s expectations and
improved to 41.6% compared to 38.0% in the previous year.
Debtor costs for the year increased by 6.0% reflecting an improvement from the 17% growth
reported at the 2016 year end.
The group remains strongly cash generative with low levels of gearing at 2.9% compared to 25.5%
a year ago.
Shareholders are reminded that the earnings for the prior year included a once off capital gain of
R495.6 million as a result of realising a large portion of the investment portfolio within Monarch
Insurance Company Ltd, the group’s insurer, which impacted earnings per share reported last
year.
Shareholders are advised that headline earnings per share for the year is expected to be between
435 cents per share and 373 cents per share, between 30% and 40% lower than the 621.7 cents
per share for last year. Earnings per share is expected to be between 455 cents per share and
368 cents per share, between 58% and 66% lower than the 1 082.6 cents per share for last year.
The financial information contained in this announcement has not been audited, reviewed or
reported on by the group’s external auditors. The group’s results for the year are planned to be
released on SENS on 24 May 2017.
Cape Town
17 May 2017
Sponsor: UBS South Africa (Pty) Ltd
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