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Steinhoff records turnover decline in first nine months

15.09.2020 − 

In the first nine months of the 2019/2020 financial year, turnover of the continued operations at Steinhoff International Holdings decreased by 6% to €6.762bn. The group attributes this decline to the restrictions imposed on brick-and-mortar retail trade worldwide due to the corona crisis, which had a negative impact on business development, particularly in the third quarter.

In the reporting period, only London-based discount retailer Pepco Group, which operates in a total of 14 European countries, was able to increase its turnover by 2% to €2.611bn. All other companies allocated to continued operations, however, were faced with declines. The most significant decrease was recorded for Conforama Group, with a turnover drop of 18% to €566m. These figures only include activities of the approximately 80 stores in Spain, Portugal, Italy, Luxembourg, Croatia and Serbia. In the latter two countries, turnover dropped by 11%. In Spain and Portugal, a 16% decrease was recorded in the nine-month period; in Italy, turnover was down by 27%. As a result of the sales agreements reached in July for Conforama France and Conforama Suisse, the two companies were allocated to discontinued operations.

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