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.
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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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