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Lewis Expand African Footprint

The Lewis Group have announced that they have entered a deal to buy 62 different Ellerines and Beares stores for +- R250 million.

The stores in question are located in Botswana (25), Lesothos (10), Namibia (21) and Swaziland (6). This means that Lewis will now have pushed the number of their branches in Southern Africa to an impressive 786 stores.

Lewis group smallLewis already have 62 stores in other countries (starting back in the 1960s) which currently bring in around 20% of the Lewis Groups total operating profit.

Lewis have recently reported a merchandise sales increase of 8.8% in a seemingly unfavorable market and after weathering action taken against them by the National Credit Regulator (still pending at the National Consumer Tribunal). While shares are still down by +-12% and earnings over all have dropped recently by R286 Million (for the first half of the year) and the group having to pay back R44 million (plus interest) to pensioner and self employed client it seems that Lewis are looking to the future with a positive outlook and plans for further growth.