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Poundland celebrates 2.3% rise in l-f-l sales

Single price discount retailer Poundland has reported like-for like sales growth of 2.3% in its full year results as it continues to expand both in the UK and the Republic of Ireland.

GENERAL MERCHANDISE

Poundland celebrates 2.3% rise in l-f-l sales

Single price discount retailer Poundland has reported like-for like sales growth of 2.3% in its full year results as it continues to expand both in the UK and the Republic of Ireland.

In the 53 weeks to 1 April turnover was up 21.6% to £780 million while underlying EBITDA grew 26.5% to £40.1 million. Gross margin was £27.7 million, up 22.2%.

The retailer opened 62 new stores in the year taking the total number of UK stores at the year end to 389. There were also nine new store openings in the Republic of Ireland under the Dealz fascia. Customer numbers increased to over 4 million, up from 3.5 million in the previous year.

Poundland said it is on track to open at least 60 new stores in the current financial year.  In addition, it will open 200,000 sq ft distribution centre in Hoddesdon in August to service its stores throughout southern England. The combined openings will create up to 2,000 jobs.

The retailer said despite the challenges of the economy and a competitive environment, it expects to perform "robustly" in the coming year.

Jim McCarthy, Poundland’s chief executive, said: "Poundland continues to offer amazing value to over 4 million customers every week.  Our strong sales and volume increases demonstrate that customers recognize the exceptional value for money that Poundland offers.

"Our fixed price makes it easy for families to budget as they can see how much they’ve spent, before they get to the checkout. We are excited about the year ahead as we continue our rapid expansion and hope even more customers, across the UK will be saying ‘I can’t believe it’s £1!’"

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