Johannesburg - Furniture retailer Steinhoff International Holdings
[JSE:SHF] reported a 32% rise in full-year profit on Tuesday, as European customers
continued to spend on furniture, despite the region's economic woes.
Steinhoff, which last year bought French retailer Conforama
and also owns Britain's Harveys Furniture, said headline earnings per share
from continuing operations totalled 317 cents in the year to end-June, from
239.9 cents a year earlier.
Revenue totalled R80.43bn, an 87% rise from a year earlier,
boosted by the addition of Conforama.
Steinhoff is on a restructuring drive aimed at creating
three listed separate businesses focused on selling furniture in Europe,
emerging markets and manufacturing.
The company has plans to eventually list its European unit
and has said it could raise a minimum of €1.5bn from such a deal.
The company said last month it expected earnings to increase
by 30% to 35%.
Shares of the company were little changed at 13:18 GMT, down
0.7% at R26.35.
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