// Poundland owner Pepco posts a 17.1 % rise in quarterly revenue
// The discount retail group said it was on track for another good year
Pepco Group, the owner of Poundland and Dealz has posted a 17.1% rise in third-quarter revenue as cash-strapped Brits fuelled demand at its discount stores as the cost-of-living crisis continues.
Revenue rose to €1.2bn (£1bn) in the three months ended June 30, with like-for-like sales up 4.9%.
The group is on track to launch 450 net new stores in fiscal 2022 as part of its strategy of selling low-price products amid rising inflation.
READ MORE:
- Poundland ramps up £1 price point to help combat inflation
- Poundland to open more Local stores as it expands convenience offer
- Poundland owner says Brits cutting back on essentials due to cost-of-living
The discount retailer said it was on track for another good year in the absence of any further significant deterioration in the macro trading environment.
Rising costs, supply-chain snags and the conflict in Ukraine, which borders three of the company’s largest operating territories pose a threat to the firm’s business.
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