// Poundland Q3 revenue at €481m (£411.5m), which marked 33.8% year-on-year
// This was driven by a 21.1% surge in reported like-for-likes and the opening of 22 new stores
// Poundland’s revenue growth reflects strong performances across recently extended categories in clothing, homewares & frozen food
Poundland has enjoyed a boost in quarterly sales thanks to the easing of lockdown restrictions coupled with the ongoing expansion of its categories on offer.
Poundland revenue for the third quarter ending June 30 came in at €481 million (£411.5 million), which marked 33.8 per cent growth in reported currency terms or 30.3 per cent in constant currency when compared to the same quarter last year.
The performance was boosted by a 21.1 per cent surge in reported like-for-like growth and the opening of 22 new stores during the quarter.
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For the year-to-date, Poundland recorded €1.45 billion (£1.24 billion) in revenues, a growth of 8.8 per cent and 10.6 per cent in reported and constant currency respectively, while year-to-date like for likes grew 5.2 per cent.
As an essential retailer, Poundland has been able to trade throughout the Covid pandemic, albeit experiencing significantly reduced footfall in periods of the most significant restrictions.
Parent company Pepco Group highlighted that the third quarter of the previous financial year was the most impacted, with peak store closures of 142 Poundland stores in April 2020.
As a result, it said Poundland’s strong current year like-for-like performance of 21.1 per cent should be considered in this context with the year-to-date trading store like-for-likes of 5.2 per cent.
Pepco Group said this was “a clear indication of the strengthened customer offer”.
Poundland’s revenue growth also reflected strong performances across recently extended categories in clothing and homewares and the introduction of a new frozen and chilled offer to 42 stores in the quarter, and 91 year-to-date.
The extension of product ranges to price points above and below the £1 anchor price point also continued with multi-price participation across all FMCG and general merchandise categories leading to an increase of 23 per cent of revenue.
Meanwhile, Pepco Group – which also operates the Dealz and Pepco retail chains across mainland Europe – reported overall third quarter sales of €1.04 billion for the third quarter.
This marked a 46.7 per cent year-on-year surge in reported currency, or 45.5 per cent growth in a constant currency basis.
On a like-for-like basis, this represented a 29.3 per cent increase on a reported basis.
For the year-to-date, Pepco Group sales came in a €3.04 billion (£2.6 billion), while like-for-like growth stood at 9.6 per cent.
The quarter also saw Pepco Group open 117 new stores, the vast majority of which were under the Pepco fascia, in all of its 14 current markets – including opening its first stores in Spain, its second Western European market.
“We made good strategic progress in the third quarter, with all three of our brands delivering a resilient trading performance as consumers continued to come back to Pepco, Poundland and Dealz, following the gradual easing of Covid restrictions,” Pepco Group chief executive Andy Bond said.
“While the consumer backdrop is likely to remain volatile and challenging for some time, we remain confident in the strength of our customer proposition and the long-term growth potential for our business.”