Steinhoff earnings up to R3,8-billion

Steinhoff International grew its earnings by 7% to R3,8-billion for the year to June in a year that was marked by change and transformation in a watershed year according to Markus Jooste, chief executive of the company. He was commenting on the company's annual results released yesterday, Tuesday, 6 September 2011.

Business Day says that Steinhoff had bought French household goods retailer, Conforama in March this year and in June the JD Group became an associate company of Steinhoff's African business.

The group's revenue increased by 21% to R43-billion. Jooste says that almost 80% of business revenue is in currencies other than the Rand and he claims that the true achievements within the underlying businesses are not visible when translated and evaluated in the Rand reporting currency.

Business Live says that the consensus forecast for diluted headline earnings per share for the company was 238 cents with a total dividend of 63,2 cents. However, Steinhoff has declared headline earnings per share of 226,7 cents for the year and a distribution of 65 cents a share was declared.