Steinhoff revenue rises by 33%

Steinhoff has reported unaudited results for the twelve months ended 30th June 2016.

Excerpts from the results publication are below:

"Steinhoff’s positioning as an integrated value and discount retailer remains relevant and underscored a solid set of results amidst volatile markets and currencies for the 12 months ended 30 June 2016.

"Steinhoff is pleased to report a 33% increase in revenue to €13.1 billion for the 12 months ended 30 June 2016. Operating profit improved by 32% to €1.5 billion.

"Group operating margin at 11.3% was similar to the comparative period, notwithstanding the lower margins inherent in the general merchandise category acquired on 31 March 2015".

Steinhoff also explained that the devaluation of sterling following the UK's decision to leave the EU may have a 'unfavourable effect when translating our businesses' earnings reported in euro'.

Read the full results booklet here. 

Source : Insight DIY

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