NEWS

Poundland surpasses £1bn sales barrier

Published on: 16th April 2015

Budget retailer Poundland has reported annual sales of more than £1bn in the UK and Republic of Ireland.Poundland-wordpress

Total sales  rose by 11.8% to £1.1bn, helped by the opening of 60 new stores. Like-for-like revenues, which strip out the impact of new stores, rose 2.4% in the year to 29th March.

The company said it continued “to carefully consider” a UK competition authority probe of its proposed acquisition of rival discount chain 99p Stores.

Jim McCarthy, chief executive, said: “Despite tough trading conditions, Poundland continues to perform well and we served an average of 5.3 million shoppers a week during the quarter.”

Poundland will report its full-year results on 18th June, and said it expected underlying pre-tax profits to be in line with market forecasts of about £44m.

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