S/African Steinhoff posts $1.3 billion loss in 2018 result
June 19, 2019
12:14 am
South African retailer Steinhoff International Holdings NV on Tuesday reported a narrow loss of 1.2 billion euro ($1.34 billion) for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.27 billion.
Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts in December 2017, shocking investors who had backed its reinvention from a small South African furniture outfit into a discount furniture retailer straddling four continents.
The owner of Mattress Firm in the U.S., Fantastic chains in Australia and Conforama in France said the …
