Advertise with

The share price of Steinhoff Africa Retail (Star) fell 7% to R20.19 on Friday after it reported lacklustre Christmas sales.
The share price of Steinhoff Africa Retail (Star) fell 7% to R20.19 on Friday after it reported lacklustre Christmas sales.

Steinhoff's Star share price falls 7% on lacklustre Christmas sales


By Robert Laing - Feb 9th 2018, 13:34

The share price of Steinhoff Africa Retail (Star) fell 7% to R20.19 on Friday after it reported lacklustre Christmas sales. 

Excluding new stores, its flagship chains Pep and Ackermans grew sales just 1.9% in the December quarter from the matching three months in 2016.

Star said the flat revenue growth was due to deflation caused by a stronger rand making imports cheaper.

Acquisitions, including Building Supply Group (BSG), helped its overall revenue grow 15.5% to R18.4bn during the December quarter. Excluding BSG and new stores, the quarter’s revenue grew 8.5%, Star said in the sales update, which did not provide rand values for its different divisions, only percentage changes.

Tekkie Town and other chains in its adult apparel division were Star’s best performers, growing sales 19.9%.

Its furniture, consumer electronics and appliances brands — which include HiFi Corporation and Incredible Connection — grew sales 12.1%.

Its hardware stores — which include Timbercity and The Tile House — grew sales 5.1%. However, excluding BSG, its hardware stores suffered a 3.4% decline in sales.


Read more about: steinhoff | shares | sales | retail | finance | companies

Related News

Checkers brings world-class retail to Constantia with new flagship store
27/11/2019 - 13:01
Checkers has opened the doors to its state-of-the-art 2 330 m² flagship supermarket at the Constantia Emporium as the retailer continues to take innovation to new heights.

Woolworths carves out market share in SA
27/11/2019 - 10:11
In Australia, David Jones's sales declined 2.1%, with the company saying a store refurbishment contributed to the decline.

Push and pull strategies work together to keep consumers coming back for more
26/11/2019 - 10:20
The retail sector is under increasing pressure as consumers have shrinking disposable income in a strained economy. Maintaining share of wallet is critical. Relying solely on a push route to market strategy from manufacturers into retailers is not enough to get consumers buying products. A pull strategy needs to coexist with the push to drive brand consumption. Integrating these strategies requires intelligent and insightful decision-making. This, in turn, requires data generated through smart technology which provides line of sight across the value chain from manufacturer to distribution, retailer to the consumer.

Exclusive leases must fall: Commission cracks whip on Shoprite, Pick n pay, Spar, Woolies
26/11/2019 - 09:57
The Competition Commission Inquiry into Grocery Retail, published on Monday, called for an end to the exclusive leases negotiated by national retail chains in all shopping malls across the country in a bid to open up access to markets for smaller players.

Today’s customers are loyal to speed and convenience, not brands
25/11/2019 - 11:15
Consumer expectations are rapidly shifting as technologies such as mobile, geolocation, social media and increasingly, Internet of Things devices and wearables, connect people to a world of easily accessible information and convenient services. With the ability to browse, compare and order with a few swipes and taps, consumers are becoming trained to value convenience and service above nearly anything else.