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UK austerity means record profits for Poundland

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Discount retailer Poundland has today reported a massive 34 per cent year-on-year rise in EBITDA for its last financial year along with record sales and profits.

The current penny pinching of many of the UK’s consumers helped the trader record a turnover of £642 million in the 12 months ending March 27th 2011, up 25.8 per cent compared to last year, and an EBITDA of £31.7 million.

During the period Poundland opened 64 new stores, creating 2,000 jobs, and increased the average number of customers it serves each week by around 500,000 to total 3.5 million in both the UK and Ireland.

After its acquisition by US private equity group Warburg Pincus at the beginning of the financial year the retailer expanded into the Republic of Ireland under the Dealz brand, and now further growth is planned for 2011/12.

Jim McCarthy, CEO of Poundland, commented: “We continue to modify and expand our product range to ensure our offer meets customer requirements. Our latest results show we are continuing to offer consumers the products they want at the amazing fixed price of just £1.

“It is clear that the challenging economic climate is set to continue for some time yet and that an increasing number of consumers will continue to seek exceptional value for money.

“Poundland is perfectly positioned to serve the needs of consumers who place value for money at the heart of their purchasing decisions.”

By supplying a wide range of discount products, across food, drink, heath & beauty, household, gardening, DIY, pet, stationery and toy categories, Poundland is perfectly placed to profit from the financial austerity currently inflicted upon so many households.

It has 327 stores in both the UK and Ireland and is planning to open at least 50 more next year, creating another 2,000 jobs for the retail sector.

Published on Thursday 13 October by Editorial Assistant

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