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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.

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