Travel wallets major hit

Foreign currency chip cards have been welcomed with open arms by banks and clients.

Steinhoff plans to double its clothing stores in eastern Europe to 2 000 in the next five years, its chief executive said yesterday, extending the South African retailer’s reach in one of its fastest-growing regions.

The discount furniture company has been scooping up assets in Europe, where it makes the bulk of its profit to offset consumer weakness in South Africa.

It recently splashed out $3.8 billion for US-based Mattress Firm and another $800 million for Britain’s Poundland.

Steinhoff saw like-for-like sales growth in Poland, Slovakia, Czech Republic, Romania and Hungary was up by a fifth in the third quarter.

It has increased its number of stores to 1 000 from 14 about a decade ago.

“There is a lot of growth still to be achieved in eastern Europe,” said chief executive Markus Jooste, adding that the company planned to double the number of its stores to 2 000 in five years.

Steinhoff shares in Frankfurt rose 9.3% at €4.79 by 11.51am and 9% in Johannesburg.

There is a lot of growth still to be achieved in eastern Europe. Anthony Grant Chief executive at Steinhoff