Poundland top £1bn
In terms of profit, pre-tax, that's £44m to play with if the forecasts are correct. Who would have ever guessed there was so much cash to be made from cheap tights, weird plant pots and foreign sweets?
On top of the hundreds of shops they've had for a while, Poundland said they'd opened 60 new stores in the UK and Ireland in its last year and, of course, they're looking at taking over the 99p Stores if regulators allow it.
The Competition and Markets Authority (CMA) said the deal, which is going to add another 251 shops to their portfolio could see a cut to competition. Poundland said they'll be making an announcement about all this in due course.
Along with Aldi and Lidl, these bargainous businesses are really hammering the bigger supermarkets like Tesco and Morrisons.
Commenting on the results, chief executive Jim McCarthy, said: "After a solid quarter of sales growth, Poundland's revenue for the 2015 financial year was over £1bn for the first time. Despite tough trading conditions, Poundland continues to perform well and we served an average of 5.3 million shoppers a week during the quarter."
"We have managed our costs and cash well, and we expect underlying pre-tax profits to be in line with market expectations for the year as a whole. We achieved our target of 60 net new stores in the UK and Ireland and have a very strong pipeline of store openings for the current financial year."
"We expect to continue to deliver our growth strategy in the new financial year, notwithstanding some headwinds from a weaker Euro and a tough comparable in the first half."
TOPICS: High Street News