March 20, 2020 / 1:44 PM / 11 days ago

BRIEF-Steinhoff Says Coronavirus Will Impact Turnover & Underlying Business

March 20 (Reuters) - Steinhoff International Holdings NV :

* STEINHOFF - AS VIRUS PROGRESSED, MOST SIGNIFICANT IMPACTS ON HAVE SWITCHED FROM THOSE WITH SUPPLY CHAIN FOCUS TO THOSE WITH DEMAND-SIDE IMPACT

* STEINHOFF - EXTENT AND DURATION OF CURRENT RESTRICTIONS ON TRADE REMAIN UNCERTAIN

* STEINHOFF - TOO EARLY TO DETERMINE EXACT IMPACT OF PANDEMIC ON PERFORMANCE OF GROUP FOR 2020 FINANCIAL YEAR

* STEINHOFF - VIRUS OUTBREAK & RESULTING RESTRICTIONS WILL HAVE NEGATIVE IMPACT ON OVERALL TURNOVER & UNDERLYING BUSINESS PERFORMANCE DURING YEAR

* STEINHOFF - MOST SIGNIFICANT IMPACTS ON GROUP HAVE SWITCHED FROM THOSE WITH A SUPPLY CHAIN FOCUS TO THOSE WITH A DEMAND-SIDE IMPACT

* STEINHOFF - TURNOVER HAS REDUCED, PARTICULARLY IN GENERAL MERCHANDISE,

* STEINHOFF - PERFORMANCE OF FMCG FOCUSED BUSINESSES HAS BEEN MORE RESILIENT

* STEINHOFF - MANAGEMENT ARE CONTINUING TO TAKE AN ACTIVE APPROACH, IMPLEMENTING A RANGE OF MITIGATING STRATEGIES TO PROTECT PROFITABILITY AND CASHFLOW

* STEINHOFF - IMMEDIATE AND SIGNIFICANT ACTIONS ARE BEING IMPLEMENTED TO REDUCE COSTS AND OPTIMISE LIQUIDITY

* STEINHOFF - MEASURES INCLUDE REDUCING OPERATING EXPENDITURES, REDUCING STOCK OF GOODS IMPACTED BY TRADING RESTRICTIONS

* STEINHOFF - MEASURES ALSO INCLUDE STOPPING ALL BUT ESSENTIAL CAPITAL EXPENDITURE Source text for Eikon: Further company coverage:

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