Steinhoff International Reports 5% Drop in 1Q FY18 Revenue
By Ian Walker and Oliver Griffin
Steinhoff International Holdings N.V. (SNH.JO) said Wednesday that total group revenue in the first quarter of fiscal 2018 fell 5% in the company's first earnings report since it was rocked by an accounting scandal.
The South African retailer said that total revenue for the quarter ended Dec. 31 fell to 4.86 billion euros ($5.97 billion), from EUR5.10 billion in the year-earlier period.
Steinhoff said it has appointed six new independent members to the supervisory board, following the resignation from the board of Len Konar, Claas Daun, Bruno Steinhoff and Theunie Lategan.
The company said these resignations will facilitate the transition of new members of the supervisory board.
In December, Steinhoff hired accountancy firm PwC to conduct an independent investigation into accounting irregularities. The company has since said that it needs to restate its 2015 and 2016 financial results, and has yet to release its 2017 results.
Earlier this month Steinhoff also said that it intended to recommend waivers for defaults under some of its financing arrangements and scrap its interim dividend, as it sought to create a window of stability until the end of June while it focuses on the performance of its individual businesses and development of a strategic plan.
Steinhoff said at the time that it has now largely addressed the near-term liquidity requirements of a number of its units, and was now looking to address its debt.
The company has also hired Richard Heis as chief restructuring officer.
Write to Ian Walker at firstname.lastname@example.org; @IanWalk40289749 and Oliver Griffin at email@example.com
(END) Dow Jones Newswires
February 28, 2018 11:21 ET (16:21 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.