Lewis is the latest with a trading update citing 30% increase in debt costs. Now I am skeptical. Lewis doesn't have a provision on their balance sheet. What they do is they sell the very large bulk of their furniture on installment - and factor the bad debt into the revenue's earned. The danger here is that we don't really know what the impact on operating margin is - since cost of sale is a given, so if revenue is down 0.8% as reported for the qtr - what is the actual defaulting debt?