Poundland owner to accelerate store expansion programme following strong sales
Pepco Group, the owner of Poundland, Dealz and Pepco, has said like-for-like group revenues increased by 5.2% in the year to 30 September as it continues on its store expansion programme.
While Poundland saw growth of 2.6% in the period on a like-for-like basis, PEPCO’s revenues rose by 7.4%.
In a pre-close trading announcement, the group said it anticipates that full year underlying EBITDA on a constant currency basis will be between €735 million and €750 million, which is in-line with expectations. On an actual currency basis, underlying EBITDA is expected to be in the range of €720 million and €735 million.
Trevor Masters, chief executive of Pepco Group, said: “These are very challenging times for families across Europe and we remain absolutely committed to helping customers on a budget by offering great range, value and convenience – and we are confident this will enable us to expand our customer base going forward.”
The group said it will be aiming to open at least 550 net new stores in the current financial year alongside expanding the PEPCO brand into the new territories of Greece and Portugal.
Masters added: “After another year of good progress, we are accelerating our profitable store-expansion programme – our biggest source of value creation – and store refit strategy, helping to drive like-for-like sales growth.”
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