FINANCE: Discount retailer Poundland has posted a sales surge of 15% in the six months to 28 September.
The Willenhall-based chain’s first set of results since it floated shows total sales of £528.2m during the period, up from £459.2m in the same period last year.
Underlying pretax profits over the period were up by 34.2% to £12.6m. Net cash before tax and IPO costs totalled £20.8m – a 31.4% increase.
The store opened 28 shops in the UK and Ireland, expanding the estate to 556 stores. It plans to open a further 60 stores next year.
The retailer last year outlined plans to expand its estate to more than 1,000 stores.
Jim McCarthy, Poundland’s chief executive, said: “I am pleased to report further growth in both sales and profits in the first half of the year. In addition to strong trading in the UK, our international expansion plans are well underway with three multi-price Dealz stores now open and trading well in Spain.”
