Steinhoff boosted by resilient Aussie brands

fantasticfurnitureSteinhoff International has reported strong sales figures in its latest update, with its Aussie furniture brands enjoying revenue rises amid “challenging consumer environments”.

Group sales increased by 48 per cent to EUR14.9 billion for the nine months ended 30 June 2017, compared to the nine months ending 30 June 2016 (9MFY16).

Organic revenue (excluding acquisitions) increased by 8 per cent, led by growth in the European and African regions.

“We are pleased to report that the group´s organic sales momentum, as well as the integration and sales development of the acquired businesses are progressing well,” said Markus Jooste, CEO of Steinhoff.

Once again the group’s sales growth is underscored by the resilience of the low-price, value and discount market segments in challenging consumer environments as well as the diversity of the group´s sales mix across various geographies.”

 The Australasian region increased organic (excluding acquisition) sales by 9 per cent to EUR761 million, which Steinhoff said was supported by a 6 per cent strengthening in the Australian dollar.

The Fantastic Furniture group reported a strong set of results and added EUR189 million revenue, contributing to the EUR950 million of total sales generated in APAC.

 “In Australia, the addition of Fantastic Furniture is proving highly complementary to the group’s existing Asia Pacific household goods brands,” the company said in its update.

During the nine months under review, the group generated 52 per cent (EUR7.7 billion) of sales in Europe, 27 per cent (EUR4 billion) in Africa, 15 per cent (EUR2.2 billion) in the United States of America and 6 per cent (EUR1 billion) in Australasia.

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