Steinhoff posts USD4 billion operating loss for fiscal 2017

Source: steinhoffinternational, Friday, May 10, 2019

South African retailer Steinhoff has reported a USD4 billion operating loss in the 2017 fiscal year, in a much-delayed earnings report revealing the impact of a USD7.4 billion accounting fraud.

The owner of Mattress Firm in the US, Fantastic chains in Australia and Conforama in France said operating loss came in at EUR3.7 billion (USD4.14 billion) in the year ended September 2017 compared with a profit of EUR278 million in the restated 2016 figures.