BensonsHarveysPW Cr
Steinhoff's UK household goods business includes Harveys and Bensons for Beds
Furniture chain Harveys bore the brunt of market headwinds as parent Steinhoff International Holdings reported a high single-digit decline in nine-month UK household goods revenue.


Euro-denominated sales declined 8 percent to €494 million in the nine months to end June after a difficult third quarter where total revenue was hit by external factors, the company said in a trading update over the weekend.

Nine-month constant currency revenue (sterling) decreased by 6 percent, Steinhoff said, while like-for-like revenue declined by 4 percent.

Steinhoff has put UK household goods store openings and capex projects on hold while it reconciles historic accounting issues, and trading from fewer stores is partly behind the sales fall.

"While Bensons for Beds maintained revenue, this was offset by a decline in trading in the Harveys business," Steinhoff said in comments accompanying the trading update.

"During the third quarter, trading in the UK was further impacted by unprecedented hot weather since Easter which has had a negative impact on footfall and weekend trading during the period. In addition, the FIFA World Cup started in June, and England’s successful journey up to June 30, 2018 proved to be a distraction for consumers."

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