Lewis Furniture store signage in Cape Town, South Africa.
JOHANNESBURG - Furniture retailer Lewis is warning shareholders that its earnings will decline by 18 percent.
The company will release financial results next month.
Lewis on Friday blamed the drop in hire-purchase sales as the reason for declining earnings.
This followed the National Credit Regulator&39;s enforcement of credit-affordability assessments.
Lewis recently acquired United Furniture Outlets for R320-million, saying it intended to target upper-income customers.
The furniture retailer said this would help the group sell more furniture for cash rather than credit.