Pepco trading resilient in third quarter
Pepco Group has said it experienced resilient trading in its third quarter with group revenue in constant currency reaching €1.04 billion.
All of its retail brands performed well with like-for-like sales in constant currency climbing by 37.3% and 21.1% respectively at Pepco and Poundland. During the period, the group focused on increasing the size of its store portfolio while strengthening the customer proposition across all brands.
Poundland benefited from strong performances in the UK across recently extended categories in clothing and homewares and the introduction of a new frozen and chilled offer to 42 stores in the quarter.
Andy Bond, chief executive of Pepco Group, said: “We made good strategic progress in the third quarter, with all three of our brands delivering a resilient trading performance as consumers continued to come back to Pepco, Poundland and Dealz, following the gradual easing of Covid restrictions.
“We continued to invest in the future growth of our business opening 117 new stores in the three-month period and 342 in the year to date, as well as signing an agreement to take up to 29 stores in Austria. The group also upgraded 260 Pepco stores and, following the acquisition of Fultons Foods in autumn 2020, introduced a full chilled and frozen offer to 42 Poundland stores.”
Looking ahead, Bond said he recognised that the consumer backdrop is likely to remain challenging and volatile for some time, but added: “We remain confident in the strength of our customer proposition and the long-term growth potential for our business.”
