Poundland profits soar 81%
BUDGET retailer Poundland says it plans to open at least 50 new stores in a move to create up to 2,000 jobs.
The Willenhall-based company – which sells everything for £1 and has around three million customers a week – said its “impressive growth” would help it create jobs in a fragile UK recovery.
Operating profits rose 81% to £21.5 million in the year to March 28, and it opened 56 new stores.
The company has more than 7,500 staff and has 263 stores nationwide.
Chief executive Jim McCarthy said: “Market research shows the UK will take 800 Poundland stores, so we have several more years of growing.”
“We get an immediate response when we open a new store and by taking a lower margin than most retailers we build on value rather than profit.
“The standard of the displays in store and the service is much better than people anticipate.”
The company – which was bought by private equity firm Warburg Pincus in June – sells items ranging from household products and food to health and beauty items.
Poundland’s co-founder Dave Dodd, who originally comes from Wolverhampton and now lives in Telford, is currently opening a new 10,000 sq ft household goods store in the town’s shopping centre.
The ‘hub’ store is in the unit previously occupied by Woolworths and will sell household and hardware goods, stationery, camping gear and outdoor goods such as barbecues.
Mr Dodd led a management buyout of Poundland in 2002 and eventually left the company in 2006.
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