South African conglomerate Steinhoff International, which owns UK brands Benson for Beds and Harveys, has reported that new store openings has contributed to its UK performance, whilst Poundland shareholders vote in favour of sale.
According to its latest unaudited results for the 12 months ended 30 June 2016, Steinhoff saw its UK Household Goods revenue grow by 14% to €747m, including the contribution from the net 16 stores opened throughout the year. The bedding category continued to support sales growth in constant currency, with like-for-like sales were up by 8%.
Bensons for Beds saw 36 stores open, whilst 18 closed, bring its total store estate to 280. Harveys witnessed a reduction in its store portfolio, as nine were closed compared to the seven openings, resulting in 155 outlets for the chain.
Steinhoff highlighted that a total of 78 stores were refurbished during the period, bring the total number of refurbished stores to 81%.
Overall, Steinhoff, which owns UK brands Bensons for Beds and Harveys, posted an increase of 33% in sales to €13.1bn, with operating profit also up by 32% to €1.5bn. Group operating margin at 11.3% was similar to the comparative period.
Steinhoff announced that the group concluded an agreement to acquire fellow South African-based footwear retailer Tekkie Town for an undisclosed sum, whilst also confirming that it had entered into merger with US-based Mattress Firm last month for a bid of $64 per share in cash, representing a total equity value of around $2.4bn.
Adding further weight to its expanding portfolio, Steinhoff entered into an agreement to acquire British discount chain Poundland back in June for £610.4m, with Poundland shareholders voting 97.86% in favour of the sale, representing 79.17% of shareholders who cast a vote.