Steinhoff takes first steps toward recovery as losses narrow
Steinhoff International Holdings said losses in the year through September were almost a quarter of what they were in the previous 12-month period, indicating the South African retailer may be starting to recover from an accounting scandal.
The net loss was 1.2 billion euros ($1.3 billion) during the period, down from 4 billion euros in the previous year. The owner of Conforama in France and Mattress Firm in the US was reporting its second set of full-year audited earnings in as many months following revisions to the company’s finances in the wake of the late-2017 crisis.
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Steinhoff’s assets were valued at 16.4 billion euros as of end September, compared with 17.5 billion euros the previous year, the company said in a presentation on its website. The retailer had previously made 15.3 billion euros of writedowns because of accounting irregularities, as former management led by ex-chief executive officer Markus Jooste oversaw a series of related-party transactions that inflated profit and asset values.
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