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Poundland sales up 15% in first half

Poundland saw its total sales rise by 15% to £528.2 million in the first half of its financial year as the retailer continued to open new stores across the UK.

In the six months to 28 September, like-for-like sales grew by 4.7% while underlying EBITDA increased by 17.5% to £20.7 million.

Reported pre-tax profits reached £9.3 million from £8.4 million in the same period in the previous year.

During the period, Poundland opened 28 new stores in the UK and Ireland to take its total estate to 556 stores. It also opened its first Dealz store in Spain.

Jim McCarthy, Poundland chief executive, said: "I am pleased to report further growth in both sales and profits in the first half of the year. In addition to strong trading in the UK, our international expansion plans are well underway with three multi-price Dealz stores now open and trading well in Spain."

The continued expansion of its retail estate led the company to invest in a third, purpose built 350,000 square foot distribution centre in Harlow which has replaced a temporary facility in Hoddesdon.

Poundland said it is on track to open a planned 60 net new stores in UK and Ireland in the full year.

McCarthy added: "As the structural changes in UK retail continue to redraw the landscape, we are building our reputation for offering amazing value every day to our customers and substantially broadening our appeal.

"While our full year outcome, as always, is dependent on delivering a good Christmas for our customers, I remain confident of further progress throughout the year."

Source : The Retail Bulletin

27 November 2014

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