Johannesburg - Steinhoff International Holdings NV said first-half earnings
rose 13 percent as the acquisitive retailer that was started in
Operating profit increased to 903 million euros ($1 billion) in the six months through March, the Amsterdam-based company said Wednesday in a statement. Sales advanced 48 percent to 10.2 billion euros as the retailer added companies including Mattress Firm. Excluding acquisitions, revenue rose 9 percent.
“We remain confident that the momentum in the business will continue and that the group will perform in line with expectations,” Chief Executive Officer Markus Jooste said in the statement.
Read also: SA's Steinhoff raises Poundland offer
The results are Steinhoff’s first since announcing plans to list its African assets separately following an aggressive expansion outside the continent, where it now generates about two-thirds of revenue.
The company has acquired
Steinhoff shares fell 0.3 percent by 8:33 a.m. in Frankfurt
on Wednesday, where it moved the primary listing from