Poundland Revenue Tops £1bn For First Time

Poundland's revenues exceeded £1bn for the first time in its last financial year as it continues to expand amid the continuing consumer bargain boom.

Europe's largest single-price discount retailer said in its fourth quarter trading update that it expected to meet full-year profit expectations for the 12 months to 29 March.

Analysts are on average forecasting a pre-tax profit of £44m.

Poundland, which trades from 547 UK stores, 41 in Ireland under the Dealz brand, said sales in the 13 weeks to 29 March grew 7.1% at constant currency.

For the 12 months total revenue, excluding a trial in Spain, grew 11.8% to just over £1.1bn.

Poundland said it had opened 60 net new stores in the UK and Ireland in its last year and had a strong pipeline of openings for the current 2015/16 period.

It is looking to capitalise on the entrenched recession-era growth in discount shopping, which has taken sales from Britain's "big four" supermarkets.

Last week the group learned it would likely have to sell some stores to avoid its proposed £55m takeover of smaller rival 99p Stores being referred for an in-depth investigation by British competition regulators.

The Competition and Markets Authority (CMA) said the deal, which would add 251 stores to Poundland's estate, could result in a substantial cut to competition and would face a further probe unless acceptable undertakings were offered by 16 April.

Poundland said on Tuesday it would make an announcement in due course.

Commenting on the results, chief executive Jim McCarthy, said: "After a solid quarter of sales growth, Poundland's revenue for the 2015 financial year was over £1bn for the first time.

"Despite tough trading conditions, Poundland continues to perform well and we served an average of 5.3 million shoppers a week during the quarter.

"We have managed our costs and cash well, and we expect underlying pre-tax profits to be in line with market expectations for the year as a whole.

"We achieved our target of 60 net new stores in the UK and Ireland and have a very strong pipeline of store openings for the current financial year.

"We expect to continue to deliver our growth strategy in the new financial year, notwithstanding some headwinds from a weaker Euro and a tough comparable in the first half."

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