As consumer shopping habits shift, to where the convenience and the bargains are, Poundworld has announced a staggering operating profit increase of 130%, reaching £14.6m after an impressive year. The discounter, which began as a mere Wakefield market stall in 1974, is now the UK‘s second largest single price retailer.
Sales were strong throughout the year, with like for like sales averaging at 5.6%. Turnover reached £422.3m, a 22% rise from 2014 resulting from the strong like for like performance, 38 new store openings and the contribution resulting from last year‘s openings. Poundworld had 280 stores nationwide at the end of FY15 and currently has plans to accelerate its store expansion programme to in excess of 60 stores yearly from 2016 onwards. This success is reflective of larger trends, as more and more discount retailers attract customers who previously