Deals boost Steinhoff

Red one pound signs stand above a tinned food and confectionary display aisle inside a Poundland discount store, which was bought by Steinhoff. Photographer: Simon Dawson/Bloomberg

Red one pound signs stand above a tinned food and confectionary display aisle inside a Poundland discount store, which was bought by Steinhoff. Photographer: Simon Dawson/Bloomberg

Published Feb 28, 2017

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Johannesburg - Steinhoff International Holdings grew

revenue 45 percent in the first quarter, up to €5.3 billion, and is confident

its growth momentum will be maintained.

The listed company on Tuesday said the growth included

the newly-acquired Mattress Firm and Poundland businesses, which contributed revenue

of €1.3 billion during the quarter under review

Steinhoff, which has been on an acquisition spree, says,

excluding these acquisitions, group revenue increased by 11 percent.

CEO Markus Jooste says “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 expectations.

Read also:  Shoprite, Steinhoff call off talks

Poundland business’s performance was ahead of the value

creation plan and positive like-for-like sales were achieved for the quarter.

The listed company adds, 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.

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