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Poundland full year sales up 13.3%

Poundland has said its full year profits are likely to be in line with market consensus after seeing its total sales grow by 13.3% to £997.8 million in the 52 weeks to 30 March 2014.

GENERAL MERCHANDISE

Poundland full year sales up 13.3%

In a trading update issued today, the group reported that it had delivered a "good underlying profit performance with margin well managed and costs tightly controlled".

Poundland chief executive Jim McCarthy said: "Poundland delivers amazing value to our customers every day and millions of them, across the UK and Ireland, are voting with their purses and wallets every week. As a result of this support from our customers, we have achieved another good profit performance across the group, with our store opening programme on track, underlying profits in line with market consensus and good cash generation.”

The group opened a net 70 net new stores in the period to bring the total estate to 528 stores at the year end. Poundland is planning to open 60 net new stores a year in the UK and Ireland, and will also pilot 10 stores in Spain over the next two years.

McCarthy added: “Looking ahead, we will continue to manage the business tightly while investing in clear opportunities for future growth. We are confident in making further progress in the new financial year."

Poundland is due to announce its full year audited results on 3 July 2014.

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