Steinhoff to divest remaining Conforama activities

Following the sales agreements reached in July for Conforama France and Conforama Suisse, Steinhoff International Holdings also intends to divest the furniture retail chain’s remaining activities in Spain, Portugal, Italy, Luxembourg, Croatia and Serbia. According to the report for the 2019/2020 financial year (30 September), sale-and-leaseback agreements were concluded for the Conforama subsidiaries in Spain and Portugal as early as 21 February. However, these are still subject to the fulfilment of certain conditions. Steinhoff has reported that total turnover for Conforama in 2019/2020 amounted to €2.695bn. This represents a decline of approximately one-fifth.

Turnover generated with continued activities of Steinhoff International Holdings for the 2019/2020 financial year declined by 2% to €7.899bn. This figure has already been adjusted to account for Conforama activities. The majority of this turnover figure is attributable to the two discount retailers Pepkor Africa (-8% to €3.500bn) and Pepco Group (+3% to €3.506bn). A further €715m was generated by household goods company Greenlit Brands (+9%), which operates in Australia and New Zealand. Turnover of Lipo rose by 2% to €171m. Adjusted to account for currency effects, however, a decline of 2% ensues. E-commerce turnover, as a proportion of total turnover, doubled to 7%. The company currently operates 23 stores, two of which were newly added in the past financial year. Lipo is allocated to combined activities grouped under all other (-5% to €178m), which also includes companies from the procurement and logistics sector.

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