Poundland owner Pepco Group posts 17% uplift in third quarter revenue
Pepco Group saw its third quarter revenue climb by 17.1% on a constant currency basis to €1.21 billion as like-for-like revenue grew by 4.9%.
In the three months to 30 June, like-for-like revenue at its Pepco fascia rose by 7.3% after the brand put in strong performances in Hungary, Czechia and Serbia.
Meanwhile like-for like revenue at Poundland edged up 2% in the period.
In March, Pepco launched a trial in Spain which it said has gone exceptionally well. As a result, the group will now be converting its existing Dealz stores in the country to Pepco and adding an FMCG offering where space allows.
Trevor Masters, chief executive of Pepco Group, said: “The group has delivered another quarter of good progress and a resilient trading performance, driven by its successful and proven strategy.
“We are excited about our expansion plans in Spain as they are the first step on the journey to make the best of the group’s offering available to more customers than ever before. It means we can leverage the benefits of our broader offering across the group, making us even more efficient and effective.”
When compared with the corresponding pre-Covid period three years ago, average store sales at Pepco were 9.2% higher on a like-for-like basis over the quarter and 5.6% up at Poundland.
Looking ahead, the group said it remains on track to meet its full year guidance despite difficult trading conditions.
Masters added: “Despite the challenging market environment, Pepco continues to accelerate and deliver against its successful growth strategy based around our four key pillars: bigger, better, simpler and cheaper. We remain confident in the strength of our customer proposition, market positioning and in our ability to drive long-term value creation.”
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