Profit and turnover falls at Poundstretcher – but firm remains optimistic for brighter future

Turnover fell sharply at Leicestershire-based value retailer Poundstretcher as the firm came to terms with a store restructuring in the wake of its CVA.

Revenues fell by £27m to £245.5m for the 12 month to 31 March 2023, while profit before tax decreased from £16.6m to £13.5m over the same period.

Poundstretcher exited its CVA in October 2022 and says it is on track to deliver an improved performance in for its full-year 2024.

A statement attached to its accounts said: “The UK economy continued to be challenged with high inflation, higher interest rates, fuel costs and continued uncertainty in the financial markets. Given this backdrop and the squeeze on household incomes, Poundstretcher is well situated as a discount retailer who will deliver everyday value to customers to migrate to the variety discount sector.!

Poundstretcher employs 4,000 people employed 324 stores at the end of March 2023 along with an 800,000 sq ft distribution centre in Leicester. Some 61 outlets operate under the Bargain Buys name.