Increase in the activity of Steinhoff, owner of Conforama

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INCREASE IN THE ACTIVITY OF STEINHOFF, CONFORAMA OWNER

JOHANNESBURG (Reuters) – South African distributor Steinhoff, owner of the Conforama brand in France, reported Thursday a 4% increase in sales over the first nine months of its fiscal year, thanks to ready-to-wear Pepkor.

The group, owner of more than 40 brands, is fighting for its survival after admitting in December 2017 accounting irregularities that caused a tumble in its stock market value, led to a liquidity crisis and triggered the opening of multiple investigations into the market. world.

In its first presentation to investors since the scandal, CEO Louis du Preez said this month that "the only way to survive" for the group was to turn into an investment holding company mainly dedicated to retail.

Steinhoff said Thursday that this strategy would allow it to better diversify with a number of strong local brands.

Over the nine months to the end of June, sales on the group's continuing operations reached € 10.1 billion, thanks to growth of 13% in Pepkor Europe and 3% in Pepkor Africa.

Conversely, Mattress sales in the United States and Conforama in France stagnated.

(Emma Rumney, Claude Chendjou for French service, edited by Jean-Michel Belot)



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https://www.boursorama.com/actualite-economique/actualites/hausse-de-l-activite-de-steinhoff-proprietaire-de-conforama-39b83611e39edd41b88c58c86043950d

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