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South Africa's Steinhoff reports 12.5 percent profit increase
December 7, 2016 / 8:03 AM / 10 months ago

South Africa's Steinhoff reports 12.5 percent profit increase

JOHANNESBURG, Dec 7 (Reuters) - South African furniture and clothing retailer Steinhoff International reported a 12.5 percent rise in fourth-quarter operating profit on Wednesday, boosted by general merchandise sales in South Africa and eastern Europe

Steinhoff, which bought Mattress Firm and Britain’s Poundland this year, said its operating profit rose to 327 million euros ($350.51 million) in the 3 months to end-September from 291 million euros a year earlier.

The company’s JSE-listed shares rose after the results were released, climbing 4 percent to 66.28 rand by 0736 GMT.

Steinhoff changed its year-end to September 30 earlier this year and on Wednesday also published a set of results for the 12 months to end-September.

$1 = 0.9329 euros Reporting by TJ Strydom. Editing by Jane Merriman

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