Steinhoff profit up 5%
IOL Business/ Reuters - Mar 6th, 08:28
Johannesburg - South African furniture maker and retailer Steinhoff International reported a 5 percent rise in first-half profit on Tuesday as the weaker rand currency helped offset slack consumer demand.
Steinhoff, which runs furniture stores such as Harveys and Conforama in Europe, said diluted headline earnings per share totalled 157.8 cents in the six months to end-December compared with 150 cents a year earlier.
Headline EPS, South Africa's benchmark gauge of profit, strips out certain one-time items.
Steinhoff is in the final stages of its restructuring drive aimed at creating three listed entities focused on manufacturing and selling furniture in emerging markets and in Europe.
It bought control of Kap International, a Cape Town-based furniture maker, and local furniture retailer JD Group.
The company, whose extensive operations in Europe make it one of the continent's biggest home furnishing businesses, has said it plans to a float European unit.
Sales increased 52 percent to 57.3 billion helped by contributions from newly acquired businesses, Kap International and JD Group while a weaker rand boosted its sales from Europe and Asia-Pacific.
Overseas sales account for nearly 60 percent of the company's total sales.
Shares in the Steinhoff, which are down about 4 percent so far this year, rose 2.15 percent to 26.55 rand as of 15:13 Sa time, outpacing a 1.22 percent gain in the JSE Top-40 index. - Reuters
Latin America, Africa behind SABMiller growth
24/05/2013 - 11:31
Brussels - SABMiller [JSE:SAB], the world's second biggest brewer, reported profit growth in line with expectations thanks to a surge in earnings in Latin America and Africa and said its markets should be broadly unchanged in the coming months.
Mr Price shares extend gains
23/05/2013 - 15:12
Johannesburg - Mr Price Group, extended gains after full-year earnings beat estimates as sales improved at its apparel chain.
How Lenovo is setting itself apart
23/05/2013 - 15:05
Lenovo Group Ltd’s bold acquisitions in its flagship PC business, a foray into mobile gadgets, and a relatively light debt load are setting it apart from PC rivals as industry shipments take their steepest fall in decades.
US: Best Buy reports net loss
22/05/2013 - 10:19
Minneapolis – Best Buy reported a net loss of almost 10% for first quarter fiscal 2014, seeing its revenue drop from roughly $10.34 billion the prior year to $9.38 billion. Increased price competition and the closure of 49 large-format stores contributed to the electronics retailer’s decline in revenue. A shift in the Super Bowl, which typically drives TV sales, to the prior quarter and reduced non-core sales also impacted revenue.
Another big loss for J.C. Penney as sales plunge 16.4%
20/05/2013 - 10:56
Plano, Texas -- J.C. Penney Co. reported a deeper-than-expected loss of $348 million for its first quarter, compared to $163 million in the year-ago period, amid a 16.4% decline in revenue. The results came as the company seeks to undo the damage caused by former CEO Ron Johnson’s costly and largely failed makeover.