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Steinhoff Africa Retail's FY operating profit jumps 25 percent
December 4, 2017 / 5:29 AM / 8 days ago

Steinhoff Africa Retail's FY operating profit jumps 25 percent

JOHANNESBURG, Dec 4 (Reuters) - Steinhoff Africa Retail reported a 25 percent rise in full-year operating profit on Monday, thanks mainly to cost cuts and a strong showing at discount clothing chains.

Steinhoff Africa Retail, spun off from the one of the world’s biggest furniture retailers earlier this year, said operating profit came in at 6.1 billion rand ($443.15 million) in the year ended September, compared with 5.8 billion rand a year earlier. ($1 = 13.7650 rand) (Reporting by Tiisetso Motsoeneng; Editing by Amrutha Gayathri)

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