Yahoo Finance Poundland owner Pepco cashes up 17.1% third quarter growth
Poundland owner Pepco has reported a “robust performance” of 17.1% or £1.21 billion at the group.
This was despite Britain’s most famous discount brand achieving a modest upturn in sales of 2% or 507 million in the quarter to the end of June as the cost of living crisis bites.
Revenues at Pepco spiked to £1.21 billion during the period while sales at Poundland rose to 507 million.
The group did flag “challenging” trading conditions but said it was confident in its “continued” progress and that “in the absence of any further significant deterioration in the macro trading environment” it remained on track to meet its yearly guidance.
Poundland said that it had seen a boost in “more customers adding frozen food to their baskets” and that its stores with chilled and frozen refits were outperforming those without the upgrade.
Pepco has spotted the opportunity and will boost refitted stores to 350 of its 850 store Poundland estate that will offer customers chilled and frozen food, alongside clothing and homewares, by September.
Trevor Masters, CEO of Pepco, said: “The group has delivered another quarter of good progress and a resilient trading performance, driven by its successful and proven strategy.
“I would like to take this opportunity once again to thank all of our colleagues across the Pepco Group for their hard work and ongoing commitment to serving our customers.
“Despite the challenging market environment, we remain confident in the strength of our customer proposition.”
