Scandal-hit Steinhoff posts $1.3 bln loss in delayed 2018 results

South African retailer Steinhoff on Tuesday reported a 1.2 billion euro ($1.34 billion) loss for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.27 billion.

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.