Pepco benefits from store expansion programme
Pepco Group, the owner Poundland, Pepco and Dealz, has posted a 13.3% uplift in revenue in its first quarter.
The group said the increase was driven by the continuing expansion of its Pepco and Dealz formats in Europe and like-for-like sales growth of 3.9%.
During the period, the Pepco retail brand grew its store portfolio by over 20% year-on-year by opening 94 net new stores. It also upsized or relocated a further 23 sites. The retailer’s like-for-like sales climbed by 6.6% as revenue increased by 24.6%.
Meanwhile, like-for-like sales grew by 1.3% at Poundland after the retailer enjoyed a record trading day on 23 December. It also benefited from a strong performance of the PEP&CO clothing brand, which is now sold in 301 UK and Republic of Ireland stores. In addition, the retailer has been extending its product range to include items at price points above and below the £1 mark.
Pepco’s European Dealz brand launched 22 new stores in the period and intends to open up to 50 in its full financial year.
Andy Bond, chief executive, of Pepco Group, said:“Pepco Group has continued to deliver operational and strategic progress, in this important trading quarter, reflecting our clear growth strategy, centred on the significant long-term opportunity for further Pepco stores in central Europe, together with a focus on day-to-day retail execution. This combination has secured another quarter of strong revenue growth, both in total and like-for-like terms, in each of the group’s brands.”
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