Breakfast briefing: Retail news on Steinhoff and Sports Direct

Steinhoff’s UK retail growth steady

Steinhoff International has reported substantial growth in its unaudited results for 12 months to the end of June 30, 2016 – with unaudited revenue growth of 33% to £11.04bn (€13.1bn) and improvement in operating profit by 32% to £1.2bn (€1.5bn).

The group operating margin was similar to the comparative period at 11.3%, Furniture News reports.

Steinhoff owns retail brands Harveys and Bensons for Beds and trade brands such as Slumberland, Dunlopillo, Myer’s and Relyon.

The report said: “The UK operations generated revenue growth of 14% to €747m [£629.7m]. This includes the contribution from the net 16 new stores opened during the year, and growth of 8% in like-for-like terms.”

Sports Direct boss blames unions and MPs for problems

Sports Direct boss Mike Ashley has blamed unions for retailers' problems and also claimed that MPs do not understand the scale of the business, the Daily Mail reported.

Ashley accused Unite assistant general secretary Steve Turner of "showboating" when challenged over plans to reform working practices.

Ashley said during the firm’s annual general meeting and 'open day' yesterday: “This is probably your fault we are in this mess because we can’t talk to you. I made a commitment to make a difference, I am trying, don’t pull me down.”