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Pepco main contributor to Steinhoff turnover growth

24.07.2020 − 

Turnover generated by Pepco Group (+12% to €3.4bn) was the main contributing factor to the 5% growth in total turnover from continued activities that was recorded by Steinhoff International Holdings in the 2018/2019 financial year (30 September), to €12bn. Also contributing to the growth, albeit to a lesser extent, were Pepkor Holdings (+4% to €4.3bn) and household goods company Greenlit Brands (+2% to €658m), operating in Australia and New Zealand.

Conforama Group turnover, by contrast, stagnated at the preceding year’s level of €3.4bn. French subsidiary Conforama France was responsible for this restrained development, with a turnover decrease of 2% vis à vis the comparative period of the preceding year to €2.102bn. Steinhoff attributes the first quarter decline in France to the yellow vests movement. In the second half of the 2018/2019 financial year, and especially in the third quarter, an improvement was noted. Outside of France, Conforama is active in six further markets. Whilst turnover in Switzerland also fell slightly short of the preceding year’s level, sales in Spain, Portugal, Italy, Croatia and Serbia each increased. Overall, Conforama activities outside France led to a currency-adjusted turnover growth of 3%.

In the group financial statement presented by Steinhoff, which was delayed until 30 June, turnover from discontinued activities was reported to be €3.319bn. In addition to divested activities, this figure also includes the turnover of US company Mattress Firm, amounting to €2.686bn. Following the conclusion of chapter 11 restructuring proceedings in November 2018, Steinhoff now retains only a 50% stake in the mattress retailer.

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