Steinhoff International has published its quarterly financial update, which covers the nine months to 30th June 2018.
The group reports that UK household goods retail and manufacturing revenues fell by -8% to €494m YoY during the period – a further decline in Q3 from the -6% YoY drop experienced over H1. Constant currency revenue decreased by -6%, while LFL revenue declined -4%.
In UK retail, Steinhoff reports that Bensons for Beds maintained revenue, but that this was offset by a decline in trading from Harveys in Q3, "further impacted by unprecedented hot weather since Easter which has had a negative impact on footfall and weekend trading during the period".
It also noted that the FIFA World Cup proved to be "a distraction for consumers".
The board reports that Steinhoff has concluded the lock-up agreements necessary for the group's restructuring process following its recent financial instablities. "We remain determined to pursue every available avenue to complete the implementation within the agreed time frames and to ensure that Steinhoff can benefit from the three-year period of stability," it reads.
