Steinhoff Africa Retail Passes On Dividend Payment, Slows Expansion
Steinhoff Africa Retail (STAR) reported a 12% rise in half-year profit on Tuesday thanks to strong growth in its Ackermans brand and a turnaround in retailer JD Group, but said it was slowing its expansion in Africa.
A competitive retail environment would inhibit growth for the rest of the financial year, it said.
STAR is financially independent of its crisis-hit parent, South African retail group Steinhoff which runs chains such as Britain's Poundland, Mattress Firm in the United States and Conforama in France and has been fighting for survival after it discovered accounting irregularities in December.
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