Jan 4, 2018
Steinhoff's UK retailer Poundland reports record Christmas trading
Jan 4, 2018
British retailer Poundland, owned by troubled South African group Steinhoff, said on Wednesday it enjoyed a record Christmas, with sales up 5.6 percent in the 12 weeks to Dec. 24.
Poundland, purchased by Steinhoff for 610 million pounds in 2016, said like-for-like sales in the three weeks to Christmas Day were up 6 percent.
Steinhoff, the owner of more than 40 retail brands including Conforama and Mattress Firm, is fighting for survival after flagging accounting irregularities last month and parting ways with its veteran chief executive, Markus Jooste.
It said on Tuesday it would have to restate its 2015 accounts and maybe earlier figures, having already warned on its 2016 numbers.
Poundland is part of the Pepkor Europe stable that sits within Steinhoff and also includes the Dealz, PEP&CO and PEPCO brands.
Pepkor Europe said it had replaced planned investment from Steinhoff in full with a new independent 180 million pounds loan facility to support its ongoing capital expenditure and investment plans for Poundland, Dealz, PEP&CO & PEPCO.
Harveys, the UK furniture retailer, and Bensons for Beds also said on Wednesday they had secured a new two-year independent finance facility through Pepkor Europe that will replace Steinhoff’s planned investment.
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