Poundland achieves another record year with sales up 26%
DISCOUNT retailer Poundland has announced record sales and profits, bucking the trend currently being experienced by the retail sector.
The Willenhall-based group, Europe’s largest single price value retailer, said the results had been achieved against a background of continuing turbulent economic conditions.
Turnover for the year to March 27 reached £642m (net of VAT), up 25.8% on 2009/10 (£23.7m). Underlying EBITDA was £31.7m, up 34% on 2009/10 (£23.7m).
Other operational highlights for the year included the completion of its acquisition by Warburg Pincus and the opening of 64 new stores, taking its total number to 327. The business now serves more than 3.5m customers each week.
The expansion has created more than 2,000 new jobs and the company is set to increase this further later this year when it opens a new network of stores in Ireland, trading under the brand Dealz.
In the UK, it said there was a strong new store pipeline and a target of opening over 50 new branches in the current financial year was progressing well with 29 already trading.
Jim McCarthy, chief executive, said the company had succeeded by meeting the needs of its customers and its fixed price policy would remain.
“It is clear that the challenging economic climate is set to continue for some time yet and that an increasing number of consumers will continue to seek exceptional value for money. Poundland is perfectly positioned to serve the needs of consumers who place value for money at the heart of their purchasing decisions,” he said.
