Lewis's shares rise despite profit warning
Lewis said in its trading update it expected to report on 24 May that its basic earnings per share (EPS) for the year to end-March would be in the range of 58% and 66% lower than the previous year's R10.83. Headline earnings per share (HEPS) were expected to drop by between 30% and 40% from the previous year's R6.22.
Lewis said the drop in earning was partly due to its 2016 results benefiting from a one-off windfall of R496m from selling an investment portfolio held in its subsidiary, Monarch Insurance Company.
Merchandise sales in its 2017 financial year fell 2.2%, with like-for-like merchandise sales down 9.3%, the trading statement said. Its overall revenue was down 3.3%.
"The group's gross profit margin continued to expand in line with management's expectations and improved to 41.6% compared to 38% in the previous year," Lewis said.
"Debtor costs for the year increased by 6% reflecting an improvement from the 17% growth reported at the 2016 year-end."
Source: BDpro
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za