Lewis (LEW) 1H24 – Results Snapshot

Diluted HEPS 363.9cps (-6.5% y-y).
Revenue up +8.3%% y-y to R3.8bn.
Merchandise GPM up 140bps to 40.7%.
Expense growth +12.2% y-y, with expense to sales increasing to 58.3% (1H23: 56.3%).
OPM stable at 8.1%.
LEW gross debt increased to R862m, (1H23: R432m) with Net Cash increasing to R247m (1H23: R241m).
Repurchased 3.1m shares at a cost of R124.3m during the period, at an average price of R40.63 per share.
Dividend of 200cps.
Credit sales grew by 19.5% y-y while cash sales declined by 14.4% y-y due to pressure on consumer disposable income.
Opened a net of 29 stores in the traditional retail segment, including five new stores outside South Africa. Total footprint at 868 stores.
Impairments and capital items amounted to R12.5m, recognised against ROU assets related to lease agreements.