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Poundland upbeat as profits surge

Poundland racked up nearly �1 billion in annual sales the firm said yesterday as set out plans to add 60 stores and create another 1,000 jobs in the coming financial year

Poundland racked up nearly �1 billion in annual sales the firm said yesterday as set out plans to add 60 stores and create another 1,000 jobs in the coming financial year

Poundland announced almost £1 billion in annual sales yesterday as it set out plans to add 60 stores and create another 1,000 jobs over the next financial year.

The West Midlands-based business, which has 528 stores in the UK and Ireland, aims to target another 750,000 shoppers through the expansion, which also includes Spain through a pilot of 10 stores over two years.

The firm has ambitions for 1,000 outlets and said that regardless of improved economic and consumer confidence in the UK the trends which have helped it grow over the last 
five to six years were set to continue.

Total sales rose 13.3 per cent to £997.8m, with like-for-like sales up 1.9 per cent in the year to March 30. Underlying pre-tax profits rose 23.5 per cent to a record £36.8m.

The retailer, which sells goods such as Cadbury’s chocolate and Fairy washing-up liquid for £1, opened its first store in Burton-on-Trent in 1990.

The growth is being supported by a third, purpose built 350,000sq ft distribution centre at Harlow, which will open later in the year.

The company’s shares, which listed on the stock market earlier this year, opened four per cent up as results bettered City expectations.

 

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