Poundworld sales and profits boosted by new store openings
Poundworld grew both its sales and profits in the year 31 March 2014 as it continued to expand across the UK.
Operating profits before exceptional items rose by 31% to £6.2 million while EBITDA increased by 16% to £11.9 million.
Turnover was £345.3 million, an 18% increase on the previous year, as like-for-like sales climbed by 2.6%. Poundworld said the improvement in like-for-likes had accelerated since the year-end with sales during the three months to 30 June 2014 rising by more than 10%.
The company said it had made significant progress on a number of fronts in the year, including the opening of 32 new stores and the rebranding of its multi-price chain as Bargain Buys.
Poundworld also invested heavily in personnel and systems to drive its store expansion programme which meant it ended the period with 242 stores. In addition, it plans to open a further 150 stores in the next three years, which together will create over 4,000 jobs.
The results follow news last week that Poundworld is to substantially increase its UK stores, warehouse and distribution capability and overseas supply chain, following £26 million in funding from Santander Corporate & Commercial.
Poundworld chief executive Chris Edwards said: "Approaching our 40th anniversary, we’re extremely pleased with the positive progress that Poundworld has made in the past financial year. It’s been a year of significant developments for the company that will help us to meet the strong consumer appetite for our value goods and attractive single-priced proposition.
"As a result we are in a strong position to build on the growth achieved and fully expect profits for the coming year to comfortably exceed those announced today."
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