Poundland owner accelerates store expansion plans
Pepco, the owner of Poundland, is “further accelerating” its store expansion programme following an “encouraging performance” at the start of the financial year.
The discount retailer, which also owns the Dealz chain of stores in Ireland, revealed its revenues had increased 17.4% to 4.8 billion euro in the year ending 30th September 2022.
Reporting their “strong” strategic progress, the company enjoyed “record new store openings” with 516 net new stores opened, excluding the closure of 59 Fultons stores, and the renewal of 727 stores.
The company, which has 33 outlets in Northern Ireland, said it is “committed” to accelerating its profitable store roll-out programme, with an increased focus in Western Europe and an extensive refit programme in Central and Eastern Europe.
Commenting on the results, Trevor Masters, CEO Pepco Group said: “Despite industry-wide short-term challenges, Pepco Group delivered another year of good progress and resilient trading performance, driven by our successful and proven strategy.
“The expertise and dedication of our colleagues are central to the success of our strategy to be bigger, better, cheaper and simpler. We remain committed to growing and supporting our people.”
In the long term, Pepco Group’s ambition is to operate approximately 20,000 stores across Europe and the company believes it can “further accelerate store growth” while also maintaining “compelling and consistent store economics”.