JOHANNESBURG, June 7 South Africa-based retail
group Steinhoff International reported a 13
percent rise in half-year operating profit and a 48 percent jump
in revenue as recent acquisitions buoyed sales.
Steinhoff, which bought U.S.-based Mattress Firm and
Britain's Poundland last year, said its operating profit rose to
903 million euros ($1.02 billion) in the six months to
end-March, up from 797 million a year earlier.
"Excluding the recent strategic acquisitions, the company's
retail business achieved total organic revenue of 7.2 billion
euros amidst volatile markets and currencies, translating to 9
percent organic growth," Steinhoff said in a statement.
The South African group, which moved its primary listing to
Frankfurt in 2015, focuses on thrifty furniture shoppers in
developed markets such as Europe and the United States but also
sells clothing and mobile phone airtime in Africa.
Geographical and product diversification in a resilient
discount market helped the company achieve solid revenue and
operating margins, Chief Executive Markus Jooste said.
Steinhoff, after withdrawing from a plan to merge its
African assets with grocer Shoprite, last month said it
planned to separately list its African businesses on the
Johannesburg Securities Exchange.
($1 = 0.8876 euros)
(Reporting by TJ Strydom; editing by Jason Neely)