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.