Poundworld in ‘landmark progress’ with record sales
Discount retailer Poundworld achieved “landmark progress” in the year to end-March, achieving record sales and planning to boost its rapid expansion by opening 60 new stores a year.
Sales jumped 22 per cent to hit £422.3 million. Like-for-like takings were up 5.6 per cent during the 12-month period, which saw it open 38 stores.
The group, which runs 295 stores across the country, added that operating profits also hit a record, growing by 130 per cent to £14.6m.
Founder and chief executive Chris Edwards said the performance marked a “record financial year” for the chain. In May, US buyout group TPG took a majority stake in the business for £150m.
Edwards also said the firm is to invest in a new 500,000 square foot warehouse, as well as replace its IT ordering systems, and he expects next year to bring “development and consolidation”.
Larger rival Poundland, which owns around 500 stores, recently saw its £55m takeover of 99p Stores provisionally cleared by regulators.