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Steinhoff falls 15% as market reacts to glum 2017 earnings report

May 09 2019 12:25
Jan Cronje

Shares in Steinhoff [JSE:SHN] fell by 15% on Thursday morning, in the wake of the retail conglomerate publishing its long-delayed 2017 earnings late on Tuesday.

The group's shares were last quoted at R2.01 a share at close of trade on Tuesday. Markets were closed on Wednesday for the elections. Steinhoff shares were trading at R1.70 a share at 11:41 on Thursday, down 15%. 

This is still above their all-time low of R1.07 a share, however. 

Steinhoff published its 2017 annual report near midnight on Tuesday after a 17 month delay. 

The Stellenbosch-headquartered retailer reported a net loss of €4.03bn for the financial year ended September 30, 2017, and a net loss of €279m for the 15 months ended September 30, 2016. It is also facing mounting legal claims.  

According to the report, the group's former CEO Markus Jooste was also awarded millions of rands in bonuses without following the correct procedure. 

The group's shares have plunged by over 95% since December 2017, cutting its market capitalisation by over R200bn. 

It is aiming to publish its 2018 annual report by June 18.  

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