June 30, 2020 / 11:31 PM / 8 days ago

CORRECTED-South African retailer Steinhoff posts bigger full-year loss

(Corrects annual loss to 1.8 billion euros in second paragraph)

June 30 (Reuters) - Scandal-hit South African retail conglomerate Steinhoff International Holdings NV on Tuesday reported a bigger annual loss, as it tries to recover from a $7 billion accounting fraud.

The company's annual loss for the year ended September 2019 widened to 1.8 billion euros ($2.02 billion) from 1.2 billion euros a year earlier. (bit.ly/38gUBxt)

Steinhoff reported full-year sales of 12 billion euros compared to 11.4 billion euros in 2018, helped by a boost in merchandise businesses in Europe and Africa.

Established more than 50 years ago, the company transformed itself from a small South African business to a furniture and household goods retailer straddling four continents before its dramatic fall from grace. ($1 = 0.8903 euros) (Reporting by Ann Maria Shibu in Bengaluru and Nqobile Dludla in Johannesburg; Editing by Shounak Dasgupta and Uttaresh.V)

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