THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Poundland full year profits to be in line with expectations

Poundland has said it expects its full year underlying pre-tax profits to be in line with expectations despite the "difficult" market conditions it faced in its fourth quarter.

GENERAL MERCHANDISE

Poundland full year profits to be in line with expectations

Poundland has said it expects its full year underlying pre-tax profits to be in line with expectations despite the "difficult" market conditions it faced in its fourth quarter.

In the 13 weeks to 27 March, total sales, excluding Spain, increased by 29.5% on a constant currency basis as the retailer benefited from the addition of the 99p Stores' portfolio. On an actual currency basis, sales rose by 29.8% to £330.8 million.

Poundland said it had been a tough quarter for its core business, which was impacted by difficult market conditions and disruption from the accelerated pace of delivery of the 99p Stores' conversion programme. This is due to complete at the end of April.

The results means that total sales, excluding Spain, increased by 18.4% on a constant currency basis in the full year to 27 March. On an actual currency basis, sales increased by 17.9%.

Meanwhile, like-for-like sales decreased by 3.9% after falling by 4.9% in the second half.

Poundland chief executive Jim McCarthy said: "Against a tough retail background, this has been a transformative year for Poundland, strengthening further our position as Europe's biggest single-price discounter. We have added over 300 shops to our portfolio in the UK & Ireland, in particular in the South of England, substantially increasing our geographical reach and scale.

"The 99p Stores' conversion programme will complete by the end of April, at which point we expect to see the significant benefits of over 900 stores trading as one cohesive retail operation begin to materialise."

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
Fix The Dinosaur Roundtable 2018
Fix The Dinosaur Roundtable 2018
19 October 2018
The Euston Suite, The Hallam, 44 Hallam St, London W1W 6JJ
A Masterclass in IBMi Legacy Issues