Lewis Group Limited Announces Sales Results for the Third Quarter and Nine Months Ended December 2022
The group's total revenue, comprising merchandise sales and other revenue, increased by 2.8% for the nine month period. The company increased merchandise sales by 2.0% in the nine months to December 2022 as widespread inflationary pressures, rising interest rates and record high unemployment levels curtailed consumer spending. Credit sales, which accounted for 58.3% (December 2021: 50.9%) of total sales, increased by 16.8% while cash sales declined by 13.5%, reflecting the mounting pressure on consumer disposable income. Sales in comparable stores grew by 0.4% for the nine month period.