Poundland owner prepares for “acceleration of openings”
The parent group of Poundland says it is preparing for an “acceleration of openings” in the second half of 2023.
Pepco Group delivered 166 net new stores in the six months to March 31, a decrease from 235 the prior year.
The group has seen an increase in revenue against 2022, rising 22.8% to €2.8bn (£2.5bn), while Poundland’s revenue grew by 6.3% to €1.1bn (£970m).
Pepco now operates 4,127 stores across its UK and Europe store estate.
The group said that trading had continued to be positive against a “challenging environment”.
Trevor Masters, CEO of Pepco Group, said: “Demand for our products remains strong, and double digit like-for-like revenue growth demonstrates solid progress for the group. We have continued to deliver against our strategic priorities, including the successful store refit strategy and profitable store expansion programme – our biggest source of value creation.”
The group has also welcomed Neil Galloway as chief financial officer. He joins from flexible workspace provider IWG, where he served as executive vice-president.