Wednesday, October 18, 2017

Poundland ahead of expectations after first quarter

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Discount retailer Poundland has recorded a rise in like-for-like sales in its first quarter, with its owners saying the chain is performing “ahead of plan”.

Steinhoff, Poundland parent company, said sales at its general merchandise division which includes the discount retailer went up by 66 per cent to €1.8 billion (£1.53 billion).

Steinhoff chief executive Markus Jooste added that Poundland performed “ahead of the value creation plan” in its first quarter ending December 31.

The South African company also reported total sales that went up 45 per cent to €5.3 billion (£4.52 billion) in the same quarter.

Steinhoff bought Poundland last summer for £597 million, after an earlier and failed attempted to acquire Argos, which subsequently went to Sainsbury‘s.

“The Poundland business‘s performance was ahead of the value creation plan and positive like-for-like sales was achieved for the quarter,” Jooste said.

Steinhoff also owns Harveys, Mattress Firm and Bensons for Beds.

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