THE RETAIL BULLETIN - The home of retail news
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
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Poundland like-for-likes down in first half

Poundland has reported that first half like-for-like sales dropped by 2.8% on a constant currency basis in the six months to 27 September.

GENERAL MERCHANDISE

Poundland like-for-likes down in first half

The retailer said the fall reflected the head winds that it traded against during the half year, particularly as last year benefited from a late Easter, the looms jewellery band craze and favourable weather patterns in the first quarter.

Underlying pre-tax profit fell by 26.3% to £9.3 million as Poundland faced an increase in net non-underlying charges which included the costs of its Dealz trial stores in Spain and the fees associated with the acquisition of 99p Stores.

Total sales rose by 6.2% to £561.1 million.

During the period, Poundland opened 52 net new stores in the UK and Ireland.

Jim McCarthy, Poundland chief executive said: "The 99p Stores acquisition is a transformational deal for us, adding the equivalent of five years of UK organic growth and 40% to our store numbers in one go. The early sales uplifts from the first converted stores are very encouraging and we now plan to accelerate the conversion programmes so that the vast majority of 99p Stores will be converted by the end of April 2016.

"We're confident of achieving at least £25 million of incremental EBITDA from the acquisition and we are now increasing our UK & Ireland store target from 1,070 to 1,400 stores.

"The sales comparables in the second half are softer and our Christmas range is our best ever. However, we have seen highly volatile trading conditions so far in the third quarter. The quarter's performance therefore depends more than ever upon the last six weeks' trading towards Christmas."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

SELECT COUNT(`id`) FROM `news` WHERE `id` <> 26470 AND ()
You have an error in your SQL syntax; check the manual that corresponds to your MySQL server version for the right syntax to use near ')' at line 1

TAGS

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 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
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing