Pepco, the owner of Poundland, has welcomed a period of “resilient trading” in its third quarter, with the group revealing a like-for-like sales increase of 37.3% and 21.1% respectively for both its Pepco and Poundland brands.
Total group revenue also increased 30.3% over the same period, rising to €1.043m (£8.9m).
The discount retail group stated that the trading profile in the current year “mirrored the easing of Covid-related closures”, and by the final week of the quarter “all stores were trading”.
As an essential retailer, Poundland had been able to trade throughout the Covid crisis. However, the group said it experienced “significantly” reduced footfall during periods of the most significant restrictions.
Despite this, the brand, which has over 500 sites in the UK, posted revenues of €1.039m (£8.8m). Pepco cited recently extended categories in clothing and homewares and the introduction of a new frozen and chilled offer to 42 stores in the quarter for this boost in sales.
Andy Bond, CEO of Pepco Group, said: “We made good strategic progress in the third quarter, with all three of our brands delivering a resilient trading performance as consumers continued to come back to Pepco, Poundland and Dealz, following the gradual easing of Covid restrictions.
“We continued to invest in the future growth of our business opening 117 new stores in the three-month period and 342 in the year to date, as well as signing an agreement to take up to 29 stores in Austria.”
He added: “The group also upgraded 260 Pepco stores and, following the acquisition of Fultons Foods in autumn 2020, introduced a full chilled and frozen offer to 42 Poundland stores.”