Steinhoff to Restate 2016 Financial Results

By Maryam Cockar Features Dow Jones Newswires

Steinhoff International Holdings NV (SNH.JO) has said that it will have to restate its 2016 financial results as part of its scrutiny into its European segment's 2017 balance sheet assets.

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The "2016 consolidated financial statements can no longer be relied upon," the South African retailer said.

Steinhoff added that it is taking the necessary steps to address audit issues at the group.

Last week Steinhoff shares tumbled after it disclosed possible accounting irregularities and that its chief executive, Markus Jooste, had resigned.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

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December 14, 2017 01:28 ET (06:28 GMT)