Poundland owner upbeat as revenue rises to £811m
Pepkor Europe has reported a rise in quarterly and half-year sales for its flagship discount chain Poundland.
Revenue in Poundland increased 3.1 per cent in the second quarter, while during the half-year period ending March 31, revenues grew 1.6 per cent to €920 million (£811 million).
It comes as the discount retailer continued to exit from weak-performing locations and launch in more efficient locations.
It has opened 20 new stores in the UK, bringing its total UK store portfolio to 875.
“Poundland continues to outperform the wider UK high street as a result of differentiation created by the introduction of clothing shop-in-shops, now in approximately 300 branches, and measured product range extension to support a broader range of price points,” Poundland said.
Meanwhile, Pepkor Europe as a whole generated sales of €1.7 billion (£1.4 billion) in the half-year period – a rise of 14.2 per cent year-on-year.
The retail company said the growth was mainly driven by its central Europe expansion.
“Pepkor Europe is rapidly developing into a strong, geographically well balanced pan-European variety discount retailer,” Pepkor Europe chief executive Andy Bond said.
“With the benefit of scale leverage in Pepco and targeted efficiency improvements within Poundland, profit growth in the half year will be stronger than the revenue growth reported today.”
News source: RetailGazette