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Pepco Group, the parent company of Poundland, has revealed an increase in the group’s full year revenues of 17.4% on a constant currency basis to €4.8bn (£4.2bn) for the financial year ending 30 September 2022.
Poundland experienced a “strong” like-for-like full-year growth of 5.2%, as the discount goods brand increased its like-for-like growth by 15.5% in September 2022, which is said to provide a “strong” exit rate into FY23.
Poundland’s financial results were reportedly driven by the continued growth of its store footprint as it continues on the path of its expansion strategy, as 70 new Poundland stores were opened almost exclusively in the Dealz Poland business.
In addition, the group has completed 727 store renewals in the year, 129 of which being Poundland stores. This is said to complete the Pepco GM extension programme, as well as continue the Poundland store refit programme, which is driving like-for-like sales growth.
Trevor Masters, CEO of Pepco Group, said: “These are very challenging times for families across Europe and we remain absolutely committed to helping customers on a budget by offering great range, value and convenience, and we are confident this will enable us to expand our customer base going forward.
“We will continue to drive our business using our four key strategic levers – bigger, better, simpler and cheaper. This strategy is driving faster growth through accelerated store openings and innovation to improve each store for customers and colleagues, helping to further enhance our LFL performance.”
He added: “Our progress to date gives us confidence that this continued expansion of our estate will enable us to achieve greater economies across the group and drive further efficiency savings.”
