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Poundland owner the Pepco Group has announced that earnings soared by 46% to €647m (£552m) in the full-year ended 30 September 2021, as the group reaped the benefits of new store openings over the period.
In its latest full-year results, the budget retailer announced that group revenue was also up, rising 17.2% to €4.1bn (£3.5bn), and reported a like-for-like sales growth of 6.5%, including a 3.1% growth across Poundland stores.
It comes as the group has seen a “significant” new store expansion continue across all its trading brands. Openings were in line with guidance over the period, with 483 net new stores opened in the year.
This comprised 364 net new store openings across Pepco, which represents a 17.3% increase versus last year, and 119 net new stores for Poundland (60 excluding Fultons), which represents an increase of 12.9% year-on-year.
There was also a “significant” proposition progress in the year, including the further expansion of Poundland simple price points, as well as range development across both Poundland and Pepco
In total, 954 store renewals were also completed, updating stores to its latest layout and environment, reportedly accelerating its customer proposition transformation and contributing to the 6.5% like-for-like sales growth.
