Pepco Group reports record third quarter revenue
Pepco Group has reported record third quarter revenue of €1.1 billion to mark a year-on-year rise of 7.7% at constant currency.
Like-for-like revenue in the three month period to 30 June grew by 2.6% with growth across both the Pepco and Dealz brands.
Subscribe to TRBPepco like-for-like revenue edged up 2.4% in a third consecutive quarter of growth as it benefited from better availability, a sharper price focus on best-selling items and improved product ranges.
Dealz also performed well with like-for-like revenue up 5.8% following good demand in food and general merchandise.
The group has also announced that it will launch a share buyback programme of up to €50 million.
Stephan Borchert, chief executive of Pepco Group, said: “Our results in Q3 reflect our continued strategic execution across ‘New Pepco Group’ and actions we have taken to drive more consistent performance.
“Our transformation and value creation programme is making good progress, and we are thankful that our customers are rewarding our efforts with increasing loyalty.”
The announcement of the quarter’s results follows Pepco Group’s sale of Poundland to Gordon Brothers last month as it looks to focus on expanding the core Pepco brand.
