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Poundland hails strong third quarter sales growth

Poundland has increased its third quarter revenue by 10.2%, excluding Spain, on a constant currency basis as it continues to expand across the UK and Ireland.

GENERAL MERCHANDISE

Poundland hails strong third quarter sales growth

Poundland has increased its third quarter revenue by 10.2%, excluding Spain, on a constant currency basis as it continues to expand across the UK and Ireland.

On an actual currency basis, total revenue excluding Spain rose by 9.8% to £328.4 million.

The retailer said growth came from both like-for-like store sales and a continuing good performance from new stores during the 13 week period ending 28 December.

Having opened a net 17 stores in the UK and Ireland during the period, Poundland said it remains on track to open a total of 60 net new stores in the current financial year.

The retailer ended the quarter with 534 stores in the UK and 39 stores in Ireland. It also continued to develop its trial in Spain by opening four stores to take the total to five at the end of the period.

Poundland chief executive Jim McCarthy said: "I am pleased to report another good quarter of sales growth and a record Christmas trading period. Despite the tough trading conditions, Poundland continued to perform well and we served more than 7 million shoppers in the peak Christmas trading week alone.

“We have managed our costs and cash well, and we are in line with our financial expectations for the year as a whole. We are on track to open 60 net new stores in the UK and Ireland and we have a very strong pipeline for our 2016 financial year.”

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