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Pepco Group, the parent company of Poundland in the UK, has delivered record trading for the Christmas period as revenues hit €1.65bn (£1.4bn) for Q1 of FY23 ending 31 December 20222.
As the group “outperformed” the wider market, its revenues for the first quarter represents year-on-year growth of 27%.
The group also experienced a like-for-like increase of 19.7%, while its Poundland business grew 4.4% like-for-like.
In addition to the retailer’s results, it has also continued with the plan to open more stores across all brands as 105 new stores were added so far this year.
According to Pepco, it is on track to deliver on its target of 550 new stores in FY23.
Trevor Masters, CEO of Pepco Group, 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 benefited from re-building our stock to appropriate levels, enabling us to satisfy the strong demand that we experienced.
“I would like to take this opportunity once again to thank all our colleagues across the Pepco Group for their hard work and ongoing commitment to serving our customers.”
