Crisis-hit Steinhoff posts 2 percent rise in nine-month sales

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today Aug 31, 2018
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Steinhoff reported a slight increase in nine-month sales on Friday as its managers remained pre-occupied with cleaning up after an accounting fraud that nearly tipped the South African retailer into bankruptcy.

The company said sales rose 2 percent to 12.9 billion euros (11.57 billion pounds) in the nine months through the end of June as a strong showing at its separately listed African unit, Pepkor, offset weak results from Europe, the U.S. and Europe.

With regard to Pepco sales in Europe, the company reported an increase of 35.5%, to €949 million, compared to the prior year. Sales performance was impacted by the introduction of a Sunday trading ban in Poland, the company said, but like-for-like sales still rose 7.4%.

The chain entered two new countries, Lithuania and Latvia, during the fiscal period, bringing it to a net number of 197 new store openings. Pepco had 1,410 stores in total across 10 territories as of 30 June 2018.

FashionNetwork.com, with Reuters


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