Steinhoff International’s share price rose as much as 6.3% to R3.02 on Friday after it released a sales update that showed small growth in revenue for the nine months to end-June, but provided no indication of profitability. Steinhoff reported its total revenue grew 2% to €12.9bn in the nine months, from €12.7bn in the matching period in 2017. In Frankfurt, its share rose 3% to €0.18. "The negative press surrounding the group influenced customer behaviour in many of the operations, and during this period enhanced communication was required," the trading statement said. Its US businesses, Mattress Firm and Sherwood Bedding, suffered a 4% decline in sales to €1.9bn. Mattress Firm’s sales suffered from "significant near-term disruptions from the accelerated rebranding of more than 1,300 stores, combined with underperforming product transitions following the exit of Mattress Firm’s supply arrangement with its largest supplier". Friday’s update included this caveat: "The revenue and othe...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now