// Poundland’s parent company Pepkor Europe’s revenue grows 14.6%
// Poundland’s total revenue saw an increase of 0.6% & a store of growth of 0.2%
// Discount retailer continues to outperform the rest of the high street due to new clothing
The European parent company of Poundland, Pepkor Europe, has revealed strong revenue growth of 14.6 per cent for the first trading quarter ended December 29.
The company, which also owns Pepco and Dealz brands in Europe, credited the growth to the continued expansion of the Pepco format in central Europe.
Meanwhile, discount retailer Poundland’s total revenue saw an increase of 0.6 per cent, and a store of growth of 0.2 per cent.
Poundland has continued to outperform the rest of the high street due to the new clothing “shop-in-shops”, now available in around 300 stores in the UK.
The retailer also continued to capitalise on the failure of Poundworld which suffered from the intense competition as well as difficulties arising from the weak pound.
Poundworld entered administration in June and closed down in August.
Poundland on the other hand opened 13 new stores in the UK. The stores have since been performing well and delivering strong returns on invested capital.
Overall, Pepkor Europe reported that at the close of the quarter, the group traded from 2451 stores, an increase of 12.4 per cent over the year.
“A further quarter of strong revenue growth in each of the Group’s brands is a reflection of our clear growth strategy, centred currently on Pepco, an unwavering focus on execution and our market leading positions within a core discount retail segment that’s increasingly attractive to a wide range of customers,” Pepkor Europe chief executive Andy Bond said.