JOHANNESBURG, Sept 7 South Africa-based retail
group Steinhoff reported a 3 percent decline in its
earnings per share on Wednesday, weighed down by an increased
number of shares and the weaker rand currency.
Steinhoff, which has been seeking to expand abroad with a
series of acquisitions, the latest being the offers to buy U.S.
bedding retailer Mattress Firm and Britain's Poundland
, said diluted adjusted EPS came in at 29.5 euro cents
in the year ended June, down from 30.3 cents the previous year.
Adjusted EPS strips out certain one off, non-trading items
and is a required performance measure by the Johannesburg Stock
Exchange, where Steinhoff has a secondary listing.
Steinhoff funded its 2014 purchase of Africa's no-frills
clothes retailer Pepkor with cash and shares, while the result
was also affected by weaker exchange rates, with the rand
depreciating by 17 percent during the period.
Since moving its primary listing to the Frankfurt Stock
Exchange in December last year, Steinhoff has been looking to
expand its businesses abroad at a time when consumers are
turning to cheaper chains and its home market is struggling.
Steinhoff is close to securing an $800 million takeover of
British discount retailer Poundland, with shareholders due to
vote on the deal later on Wednesday.
Meanwhile its $3.8 billion offer for the United States'
largest bedding retailer Mattress Firm already has the backing
of the board and the Texas-based company's biggest shareholder,
"Steinhoff continues to see opportunities for growth within
our key markets in the territories where the group operates,"
said Chief Executive Markus Jooste.
(Reporting by Tiisetso Motsoeneng; Editing by Ed Cropley, Greg