Steinhoff furniture store company suffered a substantial loss in the first half of its broken financial year. Turnover from continuing operations increased during the same period, according to preliminary figures from the South African group.

Steinhoff recorded a loss of 571 million euros in the six months up to and including March. According to revised figures for the same period last year, that was a minus of 609 million euros. Revenue from continuing operations increased by 3 percent to almost 6.9 billion euros. In particular, stores from the budget chain Pepkor Europe did good business.

Steinhoff has been in financial bad weather for some time, after large-scale accounting fraud had come to light in 2017. The furniture giant is still struggling with a debt of 9.1 billion euros, but seems to have averted bankruptcy. Steinhoff warns in his annual report about continuing uncertainties, among other things because of the many claims for damages that shareholders and sales partners have filed with the company.

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