Lewis (LEW) FY23 – Results Snapshot

Diluted HEPS 828.5cps (+0.5% y-y).
Revenue growth of +3.1% y-y driven by growth in the Traditional segment of 4.5% y-y. Cash Segment showed negative growth of -12.5% y-y.
GPM up 10bps from 40.5% to 40.6%.
Expense growth +6.7% y-y with expense to sales ratio up from 53.5% to 55.4%.
OPM decreased by 120bps to 8.0%
Total dividend of 413.0cps (FY22: 413.0cps).
Net cash declined to -R184.5m (FY22: R227.3m)
Group expanded its store base to 840 with net additions of 21.
Slow growth in the UFO retail brand resulted in an impairment of R91.1m recognised against its goodwill, and an impairment of R22.9m against the group’s ROU assets.
The group repurchased 5.5 million shares at a cost of R275.7m during the year at an average price of R49.96 per share.