Total group revenue for the quarter increased by 12.1% to €3 369 million. Revenue generated by the retail operations increased by 15.6% to €3 164 million. As expected, external supply chain revenue decreased by 23.2% to €205 million compared to the previous quarter. This decrease in revenue is as a result of capacity being re-directed to owned retailers as part of the group’s procurement strategy, and has a positive effect on margin.
The sales momentum in the retail operations remains satisfactory. Adjusted for the impact of currency fluctuations, retail sales in constant currency increased by 20.3%. The newly acquired kika-Leiner and Iliad group businesses contributed €278 million to constant currency revenue during the quarter, and needs to be eliminated when measuring the growth of the core business against the comparative period.
Revenue improved by 12%to €3 369m
Operating profit improved by 13%to €327m
Entrenched Steinhoff’s global market share in bedding with the acquisition of Mattress Firm in the USA and the investment in Cofel in France
Expanded the general merchandise product segment through the successful acquisition of Poundland in the United Kingdom and Tekkie Town in South Africa
1 Pro forma including general merchandise for 12 months
2 Excluding intra-group supply
3 Adjusted for one-off charges/gains and restructuring costs