Influenced in part by a reduced store base, Steinhoff International's UK household goods revenue (derived from Bensons and Harveys) decreased by -13% to €149m over the three months to 31st December 2018, while LFL revenue fell by -5%.
However, the group adds, although this was lower YoY, revenue did increase for the second consecutive quarter – which Steinhoff attributes to management initiatives implemented last year which are gaining traction.
On Steinhoff's overall performace during the quarter, CEO Louis Du Preez says: "Good progress was made on critical matters, including corporate governance, the debt restructure, the forensic investigation and financial reporting in the period, despite challenging times for the group, its stakeholders and employees. The liquidity constraints and loss of confidence resulting from the discovery of the alleged accounting irregularities continued to have an impact on operations."
PwC is scheduled to deliver its final report to Steinhoff's board this month. The company anticipates providing the market with an overview prior to the publication of its 2017 and 2018 results, which have been delayed but are "on track" for publication on 18th April.