Express & Star

Festive sales rise for Poundland

Published
Last updated

Single price retail group Poundland, which has its head office in Willenhall, today reported sales growth of 29.4% or the 13 weeks to December 27.

more

Chief executive Jim McCarthy, said: "Total sales in the third quarter increased by 30.1% on a constant currency basis and our Christmas and Halloween ranges were our best ever. However, the trading conditions that we experienced in November continued through the third quarter, with high street customer numbers down year on year and this has impacted sales growth."

Mr McCarthy said he was very encouraged by the sales uplifts of converted 99p Stores and by the speed and efficiency of the conversion process and that he expected the store conversion programme to be substantially complete by the end of April.

The group remains on track to open around 70 net new Poundland and Dealz stores in the UK and Ireland in the full year and around 60 in the next financial year.

Poundland expects pre-tax profit for the year to March to be towards the lower end of the range of market expectations of between £39.8 million to £45.8m

A new multi-price format will launch in April 2016 in a number of the larger Family Bargains stores that were acquired with 99p Stores.

Poundland store numbers are now at 628 in the UK with 51 Dealz stores in Ireland. There are also 227 stores in the remaining 99p Stores estate.

Poundland will publish its trading update for the year to March 27 on April 14.