June 30, 2020 / 11:32 PM / a month ago

CORRECTED-South African retailer Steinhoff posts bigger full-year loss

(Corrects annual loss to 1.8 billion euros in second paragraph)

June 30 (Reuters) - Scandal-hit South African retail conglomerate Steinhoff International Holdings NV on Tuesday reported a bigger annual loss, as it tries to recover from a $7 billion accounting fraud.

The company's annual loss for the year ended September 2019 widened to 1.8 billion euros ($2.02 billion) from 1.2 billion euros a year earlier. (bit.ly/38gUBxt)

Steinhoff reported full-year sales of 12 billion euros compared to 11.4 billion euros in 2018, helped by a boost in merchandise businesses in Europe and Africa.

Established more than 50 years ago, the company transformed itself from a small South African business to a furniture and household goods retailer straddling four continents before its dramatic fall from grace. ($1 = 0.8903 euros) (Reporting by Ann Maria Shibu in Bengaluru and Nqobile Dludla in Johannesburg; Editing by Shounak Dasgupta and Uttaresh.V)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below