Steinhoff reports increase in revenue


The Steinhoff logo. Steinhoff's share price has gone into precipitous decline following the disclosure of financial irregularities.

JOHANNESBURG - Steinhoff Africa Retail has reported a 15.5 percent increase in revenue for the quarter ended December.

The results are mainly due to a strong showing at discount clothing chains.

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Steinhoff Africa Retail spun off from scandal-hit Steinhoff International Holdings last year.

The group says the challenges of deflation, on the performance of Pep and Ackermans, are expected to continue but it believes consumers will continue supporting the lower prices within these brands.