Poundland says on track to meet forecasts despite tough period

LONDON, April 14 (Reuters) - British discount retailer Poundland said it was on track to broadly meet market expectations for full-year profit, even after a tough second half during which underlying sales fell 4.9 percent.

The company, which sells everything from washing detergent to boxes of chocolates and packs of batteries, said the consensus forecast for its full-year profit stood at 38.7 million pounds ($54.7 million).

The company acquired its rival 99p Stores last year and said trading had been hit during the period by a programme to convert the shops to its own brand, a process which Poundland said it had accelerated and would complete ahead of its plan.

($1 = 0.7078 pounds) (Reporting by Sarah Young; editing by David Clarke)