Lewis Group Limited Provides Earnings Guidance for the Year Ended 31 March 2018; Reports Revenue Results for the Fourth Quarter End Second Half of 2018
The company reported revenue results for the fourth quarter end second half of 2018. Merchandise sales for the fourth quarter of 2018 increased by 21.7% over the corresponding period (9.0% higher, excluding UFO), resulting in 9.9% growth for the year (7.4% growth excluding UFO). Comparable stores sales grew by 11.2% for the quarter and 10.1% for the year.
After declining by 3.2% in the first half, revenue increased by 1.8% in the second half of 2018 to reflect a year-on-year decline of 0.6%, with the main impact from a 9.8% reduction in other revenue. The reduction in other revenue is largely due to declining annuity streams resulting from lower credit sales in prior years, compounded by the implementation of the prescribed maximum credit life insurance rates in August 2017 capping credit life premium income.