Johannesburg - Steinhoff International Holdings Ltd., the owner of France’s Conforma furniture chain, rose to a record after fiscal full-year profit increased 29 percent, led by improved sales in Europe.
Net income for the 12 months ending June rose to 7.3 billion rand ($794 million) from 5.66 billion rand a year earlier, the company said in a statement today. Sales advanced 44 percent to 115.48 billion rand.
“Our continued investments in our European store network have delivered further benefits with market share gains and margin improvement reported in many of the countries where we operate,” chief executive Markus Jooste said in an e-mailed statement.
Steinhoff, which has 59 percent of its sales outside southern Africa, is boosting growth through acquisitions in Europe.
The company said on June 26 it had concluded agreements to acquire Austria’s Kika and Leiner, without disclosing the value of the transaction.
Steinhoff rose 4.9 percent to 31.70 rand by 3 p.m., in Johannesburg, the highest price since at least September 23, 1998, valuing the company at 58.2 billion rand.
The stock has advanced 15 percent this year, compared with a 10.5 percent gain in the 165-member FTSE/JSE Africa All-Share Index. - Bloomberg News