Steinhoff announces fall in revenues

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Cape Town – Embattled SA retailer Steinhoff announced on Wednesday in a trading update that its revenues for Q1 2018 had decreased by 5%.

The global retail conglomerate published its unaudited results for the three months ended 31 December 2017 at 17:30. 

Revenues for Q1 2018 were 4.86bn, down from 5.1bn in Q1 2017.

Heather Sonn, the acting chair of the Stellenbosch-headquartered furniture and household goods company, said the group could not yet give a more in-depth overview of its financial situation. 

“There are legal and other constraints on what we are able to communicate at this time and we are as frustrated as you must be that it is not yet possible to provide more information,” she wrote.

She said that a forensic investigation into the group’s finances by PwC was still on-going, saying it was essential that PwC be given enough time to “determine pricisely what has taken place”.  

The international retail group has been under a cloud since its former CEO Markus Jooste stepped down in early December amid a still-ongoing accounting scandal. 

Since its share price crashed in the wake of Jooste’s abrupt resignation, some R200bn in shareholder value has been erased. 

Steinhoff shares closed at R5.80 on the JSE Wednesday, over 85% down from the day before Jooste stepped down. 

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