// Poundland posts 4.4% like-for-like revenue growth, with revenues at Pepco revenue up 19.7% on a like-for-like basis.
// The group performed well in Western Europe, especially in Italy and Spain and is now preparing to launch in Portugal in spring 2023
Poundland owner Pepco Group has delivered record trading for the Christmas period as revenues hit £1.4bn in its first quarter.
Pepco Group chief executive Trevor Masters said: “We had a very successful Christmas trading period with record trading days at each of our brands, as we continued to outperform the wider market across Europe. We benefitted from re-building our stock to appropriate levels, enabling us to satisfy the strong demand that we experienced.”
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The group performed well in Western Europe, especially in Italy and Spain and is now preparing to launch in Portugal in spring 2023.
The group said inflation in clothing and footwear was running “significantly below the headline inflation rates” that are currently squeezing consumers and spending.
As a result, it is now “strongly positioned to continue to outperform [its] underlying markets in clothing”.
During the quarter, Pepco Group completed 37 store renewals at Poundland, where it is continuing its Diamond refit programme with the addition of chilled and frozen food.
Masters added: “We are increasingly focused on leveraging the scale and diversity of the great business we have built to unlock the potential of the group as a whole, by combining the impressive strengths and capabilities of each of the brands we operate.
“Whilst the market environment continues to be challenging, we remain confident in the strength of our customer proposition and our price leadership position, as well as our ability to deliver against our strategic growth priorities.”
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