Steinhoff International Holdings N.V. in liquidatie
Steinhoff International Holdings N.V. : Steinhoff continues strong growth momentum in the quarter ended 31 December 2016 (Q1FY2017) (news with additional features)
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Quarterly / Interim Statement 28 February 2017 Steinhoff continues strong growth momentum in the quarter ended 31 December 2016 (Q1FY2017)
Markus Jooste, CEO of Steinhoff, said: “The group performed well during the first quarter of the 2017 financial year with growth momentum continuing in line with management expectations as our business positioning in the discount segment of the market has continued to be beneficial to the group. Revenue growth achieved in the European General Merchandise segment exceeded our expectations and management must be commended with strong double digit like-for-like sales growth (excluding the effect of the Poundland acquisition). The Poundland business’s performance was ahead of the value creation plan and positive like for like sales was achieved for the quarter. “ Revenue for the Household goods retail segment improved by 41% to EUR3.2 billion in the period under review. Retail revenue in this segment, excluding Mattress Firm and global supply chain operations, increased by 13%. In Europe, the Conforama group performed well during the quarter with continued market share gains in all territories. The ERM business continued to perform well, with continued revenue growth as a result of the resilient performance in the German-speaking territories as well as the effect of new store openings. In the US, Mattress Firm’s quarter under review, is traditionally its slowest trading quarter. The revenue was also impacted by the accelerated integration of Sleepy’s stores in order to fast track the single brand rationalisation. In the UK and Australia, revenue was maintained on a constant currency basis, notwithstanding the challenging post-Brexit UK environment. In southern Africa, like-for-like revenue growth amounted to 6% despite difficult market conditions. Our General Merchandise retail segment continued to exhibit strong growth, increasing revenue by 66% to EUR1.8 billion. This includes the newly acquired Poundland business, which performed ahead of expectation during the quarter. Excluding the contribution of Poundland, revenue increased by 17%. The European division continued strong growth momentum with growth (excluding the Poundland division) above 50% and strong double digit like for like revenue growth, highlighting the success of the trading model in Eastern Europe. Double digit revenue growth in South Africa was underscored by the resilience of the defensive Pepkor model and supported by modest footprint growth. Australia and the rest of Africa performed well in challenging market conditions with the former delivering flat revenue in constant currency while the rest of African operations reported strong constant currency growth. The Automotive division increased revenue by 6% in constant currency for the quarter. On a like-for-like basis, revenue increased by 4% despite continued weakness in the new and pre-owned vehicle markets in South Africa.
Outlook Based on the group’s performance during the first quarter, management remains confident that the momentum in the business will continue and that the group will perform in line with expectations. Additional information The quarterly financial update is available in English via the following link: www.steinhoffinternational.com. Steinhoff will host a conference call for analysts and investors on 28 February 2017 at 14:00 pm CET to discuss its quarterly update. The webcast link is on the company website via www.steinhoffinternational.com Media contact Reina De Waal Phone: +27 21 808 0711 About Steinhoff International Holdings N.V. Steinhoff is an integrated retailer that retails, sources and manufactures household goods and general merchandise in Europe, the United Kingdom, the United States of America, Africa and Australasia. Retail operations are positioned towards price conscious (value) consumer segments, providing them with affordable products through a vertically integrated supply chain. Our integrated retail divisions comprise: – Household goods (furniture and homeware retail businesses) – General merchandise focusing on clothing and footwear, accessories and homeware; and – Automotive dealerships in South Africa which provide a broad range of new and pre-owned vehicles, parts, insurance, accessories and servicing. In addition, Hertz car rental outlets are included in this segment Steinhoff employs approximately 125 000 employees and has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the Johannesburg Stock Exchange with a current market capitalisation of approximately EUR22 billion. Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=CIOLHCBQBC Document title: Steinhoff Q1 2017 Quarterly Update
28.02.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Steinhoff International Holdings N.V. |
Herengracht 466 | |
1017 CA Amsterdam | |
Netherlands | |
Phone: | +27218080700 |
Fax: | +27218080800 |
E-mail: | investors@steinhoffinternational.com |
Internet: | www.steinhoffinternational.com |
ISIN: | NL0011375019 |
WKN: | A14XB9 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
End of News | DGAP News Service |