Poundland: flexing High Street muscle!
Poundland - the land where everything's a pound, unlike some - have posted a good set of half year results!
The discount retailer where every day is literally Black Friday saw their pre-tax profit climb 11.7% from £8.4m after non-underlying charges to £9.3m on sales up 15% from £459.2m to £528.2m. Like-for-like sales moved 4.7% higher compared with 0.8% for the same period last year.
They also expanded the empire from 490 in 2013, to 556 shops now. 28 new stores were opened, retail park outlets gained 26 more branches taking them to 72 and there's another 60 new shops in general planned in UK and Ireland in the current financial year. Blimey.
Jim McCarthy, chief executive, reckoned Poundland would continue to benefit from continuing consumer behaviour and doing better business in improving economic conditions than it was in recession, saying: “As the structural changes in UK retail continue to redraw the landscape, we are building our reputation for offering amazing value every day to our customers and substantially broadening our appeal.”
“We know that Poundland is a good business in a recession and we believe it is an even better business in improving economic conditions. It is now seen as smart to save money and Poundland will continue to benefit from changing consumer shopping behaviour.”
Stick that in your pipe, Tesco.