Group revenue improved by 17% to R67.4bn‚ with the group's biggest sales contributor - its international retail operations - growing revenue 26% to R36.7bn and contributing a 47% improved operating profit of R2.3bn.
Group operating profit before capital items increased by 27% to R6.4bn‚ while profit attributable to owners of the group increased by 44% to R4.6bn.
The group's reporting currency - the rand - weakened against the euro during the period‚ with a sharper decline occurring in the last few months leading up to the reporting date.
Steinhoff's operating margin increased 70 basis points to 9.4% in the period.
Steinhoff said the integrated retail business and group procurement initiatives continued to benefit from the enlarged European retail network.
"In a period where consumer confidence in Europe showed some improvement‚ market share gains and margin improvement were prominent in many of the countries where we operate‚" Steinhoff said.
The European household goods market started to show some signs of recovery from October 2013. Conforama continued to report market share gains across most territories.
"The cost rationalisation programmes embarked upon last year supported improved margins‚ particularly in France and Italy while Spain‚ Portugal and Croatia also increased profitability," the group said.
Steinhoff's 57%-held subsidiary JD Group‚ a diversified retail and consumer finance business‚ contributed a 4% increase in revenue to R17.1bn but a headline loss of R133m.
Meanwhile KAP‚ the 62%-held diversified emerging market industrial group‚ reported a solid set of results for the period with operating profit from continuing operations up from R650m to R710m.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
