NEWS

Revenues at Poundland increase to £811m

Published on: 29th May 2019

Poundland owner Pepkor Europe recorded Poundland’s revenue rising 3.1% in the second quarter.

Poundland’s parent company Pepkor Europe has reported a rise in quarterly and half-year sales. Revenue in Poundland has risen by 3.1% in the second quarter, and over the half-year to 31st March, revenues increased by 1.6% to €920m (£811m).

The discount retailer has 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 generated sales of €1.7b (£1.4b) in the half-year, a rise of 14.2% year-on-year in the half. The 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.”

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