Johannesburg - South African furniture retailer Steinhoff saw full-year revenue rise by a third as the company, which is buying the United States' Mattress Firm and Britain's Poundland, said its European business had performed strongly.
The $25 billion company, which sells low-priced beds and cupboards in Europe, southern Africa and Asia, said revenue rose to 13.1 billion euros ($14.60 billion) in the 12 months ended June from 9.8 billion euros a year earlier.
That was broadly in line with a 13.2 billion euros estimate by Thomson Reuters StarMine's SmartEstimates, which puts more weight on recent forecasts and those from historically accurate analysts.
Operating profit increased 32 percent to 1.5 billion euros.
Steinhoff has been on an acquisition spree to offset exposure to a deteriorating home market with safer assets in markets such as Europe.
Its European businesses, which include Conforama in France and Bensons Beds furniture chain in Britain, boosted household goods' revenue by 15 percent to 7.2 billion euros, while its African furniture businesses' revenue dropped 18 percent as debt-laden consumers cut back on big-ticket items.
Steinhoff is due to report its full results next Tuesday.
REUTERS
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