South Africa's Steinhoff Q1 sales up 45 pct

PUBLISHED: Tue, 28 Feb 2017 09:07:48 GMT

South African furniture retailer Steinhoff reported a 45 percent jump in quarterly sales on Tuesday, boosted by the inclusion of recently acquired businesses.

Steinhoff said sales totaled 5.3 billion euros ($5.61 billion)in the quarter ended December thanks in part to a 1.3 billion euro contribution from Mattress Firm and Poundland.

The company paid $3.8 billion to buy U.S.-based Mattress Firm last year in a deal that took it across the Atlantic for the first time. It also acquired Britain’s Poundland in an $800 million deal.

($1 = 0.9439 euros)

(Reporting by Tiisetso Motsoeneng; Editing by Ed Stoddard)

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