Steinhoff Books EUR1.25 Billion Loss for Fiscal Year 2018 in Delayed Results
June 19 2019 - 2:06AM
Dow Jones News
By Adam Clark
Steinhoff International Holdings NV (SNH.JO) said Wednesday that
it booked another major loss in fiscal 2018 as it disclosed its
long-delayed results.
The South African retailer in December 2017 disclosed that it
had found irregularities in its accounts, triggering a major
investigation and financial restructuring.
Steinhoff booked a net loss of 1.25 billion euros ($1.40
billion) for its year ended Sept. 30, 2018. This was down from a
EUR4.04 billion loss the prior year, when the company booked major
impairments.
On continuing operations, Steinhoff booked a pretax loss of
EUR674 million, narrowed from EUR747 million in fiscal 2017.
Revenue rose to EUR12.83 billion from EUR12.49 billion, it
said.
For fiscal 2019, Steinhoff said it expects sales will be hit by
disposals, a weaker global economy and stronger competition, as
well as continuing uncertainty around its own financial situation.
The company also forecasts continuing raised operating expenses and
finance costs. Steinhoff said it will restrict its capital spending
in order to strengthen free cash flow.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
June 19, 2019 01:51 ET (05:51 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.