// Poundland owner Pepco posts first-half revenue of almost £2 million
// The group has pledged to “protect prices” for cash-strapped shoppers
Poundland owner Pepco Group has reported first half sales of €2.3 million (£1.9 million), up 17.5% driven by new store openings.
The group has pledged to “protect prices” for cash-strapped shoppers and cautioned that the market Pepco operates in is likely to stay volatile in the near term.
This is due to inflationary pressures and the conflict in Ukraine, which borders three of the company’s largest operating territories.
READ MORE: Poundland owner Pepco shares debut on Poland’s blue-chip index
Half year like-for-like sales growth of 5.3% was driven by a strong second quarter performance when like-for-likes jumped 12.1%.
Andy Bond stood down as Pepco group CEO at the end of March with chief operating officer Trevor Masters, former Tesco International CEO, taking the top job on an interim basis.
Masters said: “We are very pleased with this set of results, considering the global disruption faced by our business. The market within which we operate is likely to remain volatile in the near term, due to the situation in Ukraine and ongoing global inflationary pressures.
“However, we have a clear and successful strategy to deliver on our sizable long-term growth opportunities.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
