Get the app today! Download iPhone App Download Android App

Steinhoff Posts H1 Loss As Restructuring Wipes Out Sales Gain

Published on May 18 2018 4:05 PM in Retail tagged: Trending Posts / South Africa / Steinhoff International / Paywall

Steinhoff Posts H1 Loss As Restructuring Wipes Out Sales Gain

South African retailer Steinhoff, which has been embroiled in an accounting scandal, expects to report a first-half net loss as costs related to restructuring, losses on asset sales and litigation offset a rise in revenues.

Group retail revenue is expected to rise 1% to €9.4 billion euros ($11.1 billion) in the six months through March 2018, it said following a meeting with lenders on Friday, citing preliminary figures.

It did not disclose the size of its first-half loss after tax was but said it was preparing to publish unaudited first-half figures on 29 June.

please subscribe or sign in to continue reading

image description

Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.

A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!

Share on Facebook Share on Twitter Share on LinkedIn Share on Tumblr Share via Email