// Poundstretcher has reduced the number of its staff by 1,000
// The discount retailer posted a 16% drop in sales to £273m in the year to 31 March 2022
Poundstretcher has slimmed down its workforce by more than 1,000 retail staff in the last year, as its full-year profits plunge.
The discounter lowered its retail workforce from 4,645 staff to 3,640 in the year to 31 March 2022 according to its latest annual accounts.
Sales for the discount retailer dropped 16% last year to £273 million, while its pre-tax profits plunged from £88m to £11.7m.
Poundstretcher said: “The national challenges around lorry driver shortages and global challenges around container shortages impacted our ability to maintain stock levels, which resulted in a number of stock shortages across the estate.”
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“The stock shortages led to some losses during the first half of 2022-23 and as a result the company reduced the level of promotional activity and returned to a more normalised margin position.”
It emerged earlier this month that Poundstretcher chief executive Derek Lawlor had left the business after less than a year, as owner Aziz Tayub revealed his plans to float the business this year or next.
The retailer also closed 17 out of 371 stores over the last financial year.
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