Poundland owner commits to store roll-out after successful year
Pepco have committed to accelerating its store roll-out programme after a successful year which saw the company boost their profits.
The group, who own Poundland, had record store openings in 2022, with 516 net new stores (excluding the closure of 59 Fultons stores) and renewals of 727 stores across its UK and European markets.
It was revealed in the group’s preliminary annual report that it saw an increase in profits from €244m in 2021 to €300m in 2022, an increase of 25.8% on a constant currency basis.
Revenue saw a 17.4% year-on-year increase to €4.8bn while like-for-like sales growth was up 5.2%.
The group said it is outperforming the wider market despite challenging macroeconomic conditions and inflationary pressures, and is focusing on increasing its market shares through maintaining lower prices than its competitors.
“We are committed to accelerating our profitable store roll-out programme which, combined with our increased focus in Western Europe and our extensive refit programme in Central and Eastern Europe, means that our annual capex (capital expenditure) spend will rise from historical levels to between €350m and €400m over the next couple of years”, said Pepco.