Poundland Group has reported that its total sales for the 12 months ending 27 March, excluding Spain, grew by 17.9 per cent to £1,210.4 million on an actual currency basis, despite its like-for-like sales falling by 3.9 per cent.
In Spain, where the group operates 10 stores under its Dealz banner, sales amounted to £15.4 million, up from £5.4 million in the previous year.
According to a trading update issued on 14 April, the single price retailer’s performance was boosted last year with new store openings, including the conversion of its recently acquired 99p Stores to the Poundland banner. It added 326 stores to its portfolio in total, ending the year with 906 stores.
Commenting on the results, Poundland Chief Executive Jim McCarthy, said, "Against a tough retail background, this has been a transformative year for Poundland, strengthening further our position as Europe’s biggest single-price discounter.
"We have added over 300 shops to our portfolio in the UK and Ireland, in particular in the South of England, substantially increasing our geographical reach and scale."
He added that the 99p Stores’ conversion programme will be complete by the end of April, at which point the company expects to the see the "benefits of over 900 stores trading as one cohesive retail operation begin to materialise."
The update was issued as part of Poundland's Q4 trading statement, which revealed sales of £330.8 million, an increase of 29.8 per cent on the same quarter last year.
Poundland’s annual results are set to be released in June.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Jenny Whelan. To subscribe to ESM: The European Supermarket Magazine, click here.
