The “Ikea from South Africa” loses asset value from capitalisation

Publication

3 July 2018 à 12h19

Updated on 10 May 2019 à 16h58

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1 minute

Publication: 3 July 2018 à 12h19, Updated on 10 May 2019 à 16h58

Reading time: 1 minute

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Publication

3 July 2018 à 12h19

Updated on 10 May 2019 à 16h58

Reading time

1 minute

Publication: 3 July 2018 à 12h19, Updated on 10 May 2019 à 16h58

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In the period to March 2018, Steinhoff International (the owner of Conforama, Mattress Firm and Kika/Leiner) posted a net loss of €621 million. This was caused by significant asset revaluations. Conforama’s like-for-like sales fell in Italy and Switzerland. Mattress Firm’s suffered from weak sales and uneconomical discounts. Following accounting irregularities and an overstatement of profits in late 2017, Steinhoff reduced asset values by €12.4 billion, from €34.7 billion one year ag

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