Lewis' revenue boosted by Beares acquisition - CNBC Africa

Lewis' revenue boosted by Beares acquisition

Earnings

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Lewis' revenue boosted by Beares acquisition. PHOTO: dealfinder.co.za

“The improved trading for the quarter ended December 2014 was driven by higher levels of promotional activity and the contribution from the newly-acquired Beares stores during December,” said South African based furniture brand, Lewis.

(READ MORE: Commission approves Lewis-Beares merger)

During the quarter, the group’s revenue rose by eight per cent while merchandise sales rose by 12 per cent.

“Owing to the increased promotional activity to stimulate sales in response to the ongoing stock clearances in Ellerines, under business rescue, the group’s gross profit is slightly below the level of last year,” [DATA LEW:Lewis] added.

For the nine months ending 31 December 2014, its revenue increased to four per cent from 1.6 per cent in September 2014, while merchandise sales declined by 3.5 per cent to three per cent for the same period.

Lewis further stated that the nine month period remained challenging with continued weak consumer demand and constrained employment still evident.

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