Poundworld sales accelerate after profits jump

DISCOUNT store Poundworld has seen its sales growth accelerate sharply after profits at the chain more than doubled last year.

Chris Edwards, founder and CEO, Poundworld Retail

The retailer, which started life 40 years ago as a market stall in West Yorkshire, said total sales in the year to 31 March grew 18 per cent to £345.3 million, helped by the opening of 32 branches. Pre-tax profits jumped to £5m, from £1.9m a year earlier.

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Like-for-like sales, which strip out the effects of new selling space, rose 2.6 per cent and the pace of growth surged to 10 per cent in the past three months.

Poundworld now has 242 outlets across the UK and plans to open a further 150 in the next three years, creating more than 4,000 jobs. The family-run firm recently secured £26m from Santander to fund its growth ambitions.

Founder and chief executive Chris Edwards said: “We are in a strong position to build on the growth achieved and fully expect profits for the coming year to comfortably exceed those announced today.”