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
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Poundland sales pass £1bn for first time

Poundland has reported that its full year revenues topped £1 billion for the first time after a "solid" fourth quarter of sales growth.

GENERAL MERCHANDISE

Poundland sales pass £1bn for first time

Poundland has reported that its full year revenues topped £1 billion for the first time after a "solid" fourth quarter of sales growth.

In the 13 weeks to 29 March, total revenue excluding a trial in Spain increased by 7.1% on a constant currency basis.

During the year, total revenue excluding Spain, climbed by 11.8% to £1.1 billion.

Poundland opened 15 new stores in the UK and Ireland during the fourth quarter, taking the total of net new stores to 60 during the 2015 financial year. This meant it ended the financial year with 547 stores in the UK and 41 stores in Ireland.

The company continued to develop its trial in Spain and said it was pleased with initial progress. At the end of the quarter it had five stores in the country and has since opened a third store in Madrid.

Commenting on the financial performance, Poundland chief executive Jim McCarthy, said: "After a solid quarter of sales growth, Poundland's revenue for the 2015 financial year was over £1 billion for the first time. Despite tough trading conditions, Poundland continues to perform well and we served an average of 5.3 million shoppers a week during the quarter.

"We have managed our costs and cash well, and we expect underlying pre-tax profits to be in line with market expectations for the year as a whole. We achieved our target of 60 net new stores in the UK and Ireland and have a very strong pipeline of store openings for the current financial year.

"We expect to continue to deliver our growth strategy in the new financial year, notwithstanding some headwinds from a weaker Euro and a tough comparable in the first half."

Poundland said is continuing to “carefully consider” the UK Competition and Markets Authority's recent announcement that the retailer’s proposed acquisition of rival 99p Stores could be the subject of an in-depth investigation by the watchdog.

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

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
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
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‚Äėsmall and beautiful‚Äô solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process