January 30, 2019 / 6:59 AM / 5 months ago

South Africa's Lewis Q3 sales gain on upbeat merchandise sales growth

JOHANNESBURG, Jan 30 (Reuters) - South African retailer Lewis Group Ltd reported a 13.2 percent rise in third quarter total group revenue, driven by its acquisition of United Furniture Outlets (UFO), a luxury household furniture retailer.

Lewis has been diversifying across market segments and retail channels in order to access higher-income consumers and attract online shoppers.

In 2017, Lewis acquired UFO to diversify its target market and access higher-income customers, while increasing its cash-to-credit sales mix.

Lewis, a furniture and appliance provider that caters to middle- to low-income consumers, reported a 22.8 percent increase in merchandise sales for the third quarter ended Dec. 31. Comparable store sales grew 6 percent.

Other revenue, consisting of finance charges and initiation fees, insurance premiums and services rendered, increased by 0.8 percent for the quarter.

In the nine months ended Dec. 31, total group revenue rose by 12 percent, Lewis said. (Reporting by Nqobile Dludla; editing by Darren Schuettler)

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