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Poundland Reports 3.1% Rise in Q2 Revenue

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Poundland's second quarter revenue for the year ended 31st March 2019 has increased by 3.1%, according to parent company Pepkor Europe.

Half-year figures show a 1.6% increase, with sales of €920 million - c.£811 million.

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).

Poundland's estate is now up to 875 stores, having opened 20 new stores in the reporting period.  The discounter has been closing stores in low-performing locations and opening in more profitable sites. 

The company said:

“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.” 

Pepkor Europe's overall sales were up 14.2% year-on-year to €1.7 billion (c. £1.4 billion) during the reporting period, with central European growth the key driver.

Chief Executive of Pepkor, Andy Bond, said: 

“Pepkor Europe is rapidly developing into a strong, geographically well balanced pan-European variety discount retailer,” 

“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.”

Source : Insight DIY Team and Pekor Europe

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29 May 2019

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