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Scandal-hit Steinhoff posts €1.2bn loss in delayed 2018 results

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Delayed earnings report reveals the impact of accounting fraud

South African retailer Steinhoff on Tuesday reported a €1.2bn loss for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.27bn.

Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts in December 2017, shocking investors who had backed its reinvention from a small South African furniture outfit into a discount furniture retailer straddling four continents.

 

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