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Gloucestershire Business News

Strong sales for Poundland

The owner of Poundland has posted an 11% increase in sales.

Warsaw-based Pepco, which owns Poundland, Pepco and Dealz, saw sales rise 11.1% across the group, with Pepco sales increasing by 15.8% and Poundland up 4.9% on a like-for-like basis in the six months to March 31, as reported by Retail Gazette.

The group, which has Poundland stores in Cheltenham, Tewkesbury and Gloucester, saw its total number of stores at the end of the trading period reach 4,127 - an increase of 12% year on year.

It opened 166 net new stores during the six months and is set to open at least 550 net new stores across Europe during the current financial year.

It is continuing to seek out locations in the M25 for its new local store format, following openings in Clapham, Swiss Cottage, East Dulwich and Whitechapel.

The group has recently opened its 100th store in Spain and its first store in Portugal.

It said, despite rising inflation across Central Europe, it is dedicated to maintaining its prices for shoppers on a budget and is on track to deliver full year growth.

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