The quarterly revenue of Steinhoff Africa Retail (Star) has increased by 15.5 percent, now at R18.4 billion.
Steinhoff Africa Retail (Star), which was spun off from Steinhoff International Holdings last year, has reported a 15.5-percent jump in revenue for the quarter ending December 2017. According to the firm, revenue grew to R18.4 billion. The increase is largely due to a strong showing at discount clothing chains, Star said.
The company said in a statement:
“While the challenges of deflation on the performance of Pep and Ackermans is expected to continue, management remains confident that the more affordable offer and lower prices within these brands will continue to resonate with a financially constrained consumer.”
Pictured: Nadine Bird, CFO Steinhoff Africa