The furniture retailer said credit sales increased 8.1 percent for the year, with growth of 11.3 percent in the second half, reflecting the benefits of change in the affordability assessment regulations on the group’s traditional retail brands which are Lewis, Best Home and Electric, and Beares.
“The changes in the affordability-assessment regulations, which enabled self-employed and in- formally employed individuals to again apply for credit, will continue to benefit sales into the new year,” the retailer said.
Lewis said that merchandised sales accelerated 22.9 percent to R3.5 billion. They were lifted by the acquisition of United Furniture Outlets, which have contributed sales of R478 million in its first full year in the group.
It said INspire, the new omni-channel home shopping retailer, continued to grow month-by-month and generated R27.2m in its first 10 months since launch.