February 28, 2018 / 3:54 PM / 4 months ago

South Africa's scandal-hit Steinhoff sees Q1 revenue down 5 percent

JOHANNESBURG, Feb 28 (Reuters) - South Africa’s Steinhoff International, which has been embroiled in an accounting scandal, said on Wednesday its first quarter retail revenue for the period to end-December fell by 5 percent to 4.86 billion euros ($6 billion).

Steinhoff said in a statement it was “working hard to uncover the truth and to prosecute wrongdoing’ at the firm, and was cooperating with regulators. The retailer also said after the amounting scandal became public, working capital, especially in its businesses outside South Africa “had dried up.” ($1 = 0.8203 euros) (Reporting by Tanisha Heiberg Editing by James Macharia)

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